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Aug 20, 2021
, Bloomberg News
(Bloomberg) -- Blackstone Inc. is broadening its bet on U.S. student housing, forming a $784 million joint venture with Landmark Properties.
The new partnership will recapitalize a portfolio of buildings with 5,416 beds, according to people familiar with the transaction who asked not to be named because the matter is private.
Landmark, based in Athens, Georgia, operates more than 75 student-housing properties with nearly 51,000 beds. The firm has $7.7 billion in assets under management.
Investors are betting on college housing as students flock back to campus after more than a year of Covid-19 restrictions. They’re seeing a relative bargain in the typically private, off-campus complexes compared with the cost of apartments and other residential assets, which have soared in value since the pandemic.
Other players are pouring in: Brookfield Asset Management Inc. is forming a joint venture with Scion Group LLC to acquire at least $1 billion in student-housing properties, the company’s first U.S. bet on the sector. Private equity firm TPG started investing in student housing in November in a partnership with Cardinal Group Investments.
Blackstone’s deal with Landmark follows a $1.2 billion acquisition of a 10,500-bed portfolio of U.S. student housing with Greystar Real Estate Partners in 2018 and a $6 billion deal in 2020 to buy a 28,000-bed portfolio in the U.K. from Goldman Sachs Group Inc.
The private equity giant is making the investment through Blackstone Real Estate Income Trust, a non-traded REIT, the people said. Since inception in 2017, BREIT has averaged annual total returns of 11.64%.
©2021 Bloomberg L.P.
