Stonepeak has purchased a portfolio of three purpose-built student housing assets with approximately 2,300 beds in partnership with Cardinal Group.
The portfolio’s assets are located on average 0.1 miles from campus at leading four-year public universities across the Sunbelt with an average enrollment of approximately 40,000 students. The class A properties feature a wide range of best-in-class amenities and were built on average in 2020.
“This acquisition reflects our conviction in the resilience and long-term fundamentals of well-located student housing, and we are excited to add these assets to our portfolio,” said Phill Solomond, senior managing director and head of real estate at Stonepeak. “With growing enrollment trends and embedded demand for assets adjacent to campus, we look forward to delivering both high-quality living experiences for students and strong performance for our investors.”
