Student housing developer and owner-operator Landmark Properties and Blackstone Real Estate Income Trust have formed a joint-venture partnership to recapitalise eight student housing assets totalling 5,416 beds across the US.

With this transaction, Landmark’s total portfolio comprises 79 student housing communities.

Landmark Properties’ president and chief executive Wes Rogers said: “We are very excited to form this partnership with Blackstone, one of the world’s leading real estate private equity firms. We have a great relationship with the Blackstone team and are looking forward to completing additional transactions together. We have long believed that student housing in top markets offers a compelling investment opportunity, particularly when well located, developed with the type of high-quality amenities students expect, and managed to an institutional standard. Blackstone’s ongoing investments in this space further validate the strength of this sector.”

Jacob Werner, Blackstone Real Estate’s senior managing director, added: “We are thrilled to partner with Landmark, one of the top student housing developers in the US, to acquire this portfolio of well-located assets concentrated at leading US universities with growing enrolments. Student housing has a history of being resilient while generating strong cash flows and this transaction is consistent with BREIT’s strategy of acquiring high-quality, income generating properties that have attractive long-term growth potential. We look forward to growing our presence in this asset class and working together on future transactions.”

TSB Capital Advisors was financial advisor to Landmark Properties and Blackstone Real Estate Income Trust.

Date published: 23 August 2021

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