Landmark Properties, Blackstone Buy Student Housing Portfolio
The four properties total more than 2,000 beds.
A joint venture between Landmark Properties and Blackstone Real Estate Income Trust Inc. has acquired a four-property student housing portfolio. All of the assets are located in Tier 1 markets. The joint venture, which had been previously disclosed, acquired a total of 2,248 student housing beds.
The acquisition means Landmark has added to its growing portfolio now standing at more than 80 student housing properties nationwide, more than 54,000 beds, with in excess of $2.7 billion in assets currently under construction.
READ ALSO: Blackstone Buys Preferred Apartment Communities for $5.8B in Latest Strategic Move
For Landmark Properties, the acquisition of the portfolio builds upon a record-setting acquisition and recapitalization volume in excess of $1.3 billion during 2021. TSB Capital Advisors served as the financial advisor to both Landmark Properties and Blackstone Real Estate Income Trust.
In a prepared statement, a Landmark Properties official noted that the core assets in the portfolio were located near universities that featured high barriers to entry, and also boasted robust growth in student enrollment. The same official spoke of Landmark Properties being enthused about the partnership with Blackstone, and of the company’s confidence in being able to use its experience to give the portfolio added value.
A Blackstone Real Estate Income Trust official indicated the transaction is evidence of the company’s continued confidence in the student housing sector, adding the acquisition is in line with the company’s philosophy of acquiring high-quality, income-generating assets possessing appealing potential for long-term growth.
Earlier this month, it was disclosed Landmark Properties had unveiled plans to develop The Metropolitan at Tampa, a 760-bed student housing community near the University of South Florida campus, slated to open in August 2023.