Morgan Stanley and Global Student Accommodation receive $53m loan for Arizona student housing
Morgan Stanley Real Estate Investing (MSREI) and Global Student Accommodation (GSA) have received $54.37 million in fixed-rate financing for student housing serving the University of Arizona in Tucson. PGIM Real Estate has provided the financing on behalf of its core investment strategy.
The property, Yugo Tucson Campus, is a 168-unit, 594-bed asset near the University of Arizona.
“PGIM Real Estate remains focused on identifying strategic opportunities within the student housing sector, which has demonstrated continued resilience even in current market scenarios,” said Tom Goodsite, managing director at PGIM Real Estate. “By expanding our student housing portfolio and deepening relationships with these partners, we further strengthen our foundation in a sector where we have conviction.”
The asset was acquired in December 2021 and is managed by Yugo, GSA's global operating partner.