Principal forms student housing venture
Principal Real Estate Investors and CA Student Living have formed a joint venture to invest in student housing.
The venture recently acquired five student housing properties totaling at $175 million, including properties near the University of Oregon in Eugene, the University of California in Santa Barbara, Illinois State University in Normal, University of Tennessee in Knoxville and University of Washington in Seattle.
According to Real Capital Analytics, the student housing properties total more than 400 units and some include street-level retail.
Principal is investing on behalf of the Principal U.S. Property Account, the firm’s core open-end commingled fund.
This is Principal’s second student housing joint venture this year. In January, GMH Capital Partners and Principal acquired a 219-unit student housing property near the University of Arkansas in Fayetteville.
Principal’s U.S. Property Account has approximate