Publications

Transactions - SEPTEMBER 25, 2020

To read this full article you need to be subscribed to Newsline.

Sign in Sign up for a FREE subscription

Preferred Apartment Communities sells $478m student-housing portfolio

by Andrea Zander

Preferred Apartment Communities has entered into an agreement to sell its student-housing portfolio to TPG Real Estate Partners (TREP) for $478.7 million.

“This is consistent with our previously stated objectives to exit the student housing space, simplify our focus to our core Sunbelt multifamily business, and improve our balance sheet,” said Joel Murphy, Preferred Apartment Communities’ president and CEO.

The transaction is expected to close in fourth quarter 2020.

“This transaction represents a scaled entry for TPG Real Estate into the U.S. student housing sector and an extension of our student housing initiatives in Europe. We believe the assets in this portfolio will benefit from their adjacency to high-quality academic institutions that are well positioned to weather the challenges resulting from the COVID-19 pandemic,” said Ty Newell, principal at TREP. “In spite of these near-term challenges, these student housing communities are poised to e

Forgot your username or password?

We use cookies and other tracking technologies to personalize your user experience on our site and perform site analytics. By clicking on “I accept”, you consent to our Privacy Policy.