A joint venture between Landmark Properties, a fully integrated real estate firm specializing in the development, construction, acquisition, and management of residential living communities, and private equity giant Blackstone Real Estate Income Trust (BREIT) has acquired four student housing properties with 2,248 beds serving Tier 1 universities.
This transaction adds to Landmark’s growing student housing portfolio of over 54,000 beds and builds upon its record-setting volume of acquisitions and recapitalizations that exceeded $1.3 billion in 2021. In August, Landmark and BREIT announced a $784 million joint-venture partnership to recapitalize eight student housing assets with 5,416 beds.
“Landmark is excited to expand its relationship with Blackstone through the acquisition of this portfolio of core assets at universities with strong enrollment growth and high barriers to entry,” said Landmark president and CEO Wes Rogers. “We see significant opportunity to leverage our track record as an experienced operator to add value to this portfolio.”
Jacob Werner, co-head of Americas acquisitions for Blackstone Real Estate, added: “This transaction reflects our ongoing confidence in the student housing sector and is consistent with BREIT’s strategy of acquiring high-quality, income-generating properties that have attractive long-term growth potential.”
TSB Capital Advisors acted as a financial adviser to both Landmark and BREIT.
