KKR to acquire $1.64b student housing portfolio from BREIT

KKR has plans to acquire 19 purpose-built student housing properties from Blackstone Real Estate Income Trust (BREIT) for $1.64 billion.

The more than 10,000-bed portfolio is comprised of 19 purpose-built, premium student housing assets anchored to 14 leading four-year public universities across 10 states. The communities feature a wide range of best-in-class amenities, and the majority are located with easy pedestrian access to campus. BREIT acquired the portfolio in 2018 in a joint venture with Greystar Real Estate Partners.

“Student housing is a sector that we have long-term conviction in. We are pleased to be working with Blackstone to complete this transaction, which will add a diverse mix of high-quality properties to our portfolio,” said Justin Pattner, partner at KKR and head of real estate equity in the Americas. “The operating capabilities we have built with University Partners over the past decade and our ability to transact at scale, position us to cr