Landmark Properties, a vertically integrated student housing developer and owner-operator, has entered into a $784 million joint-venture partnership with Blackstone Real Estate Income Trust (BREIT) to recapitalize eight student housing assets totaling 5,416 beds across the United States.
Following this transaction, Landmark's portfolio includes 79 student housing communities.
“We have long believed that student housing in top markets offers a compelling investment opportunity, particularly when well located, developed with the type of high-quality amenities students expect and managed to an institutional standard,” said Wes Rogers, president and CEO of Landmark Properties. “Blackstone's ongoing investments in this space further validate the strength of this sector.”
Financial terms were not disclosed.