QuadReal forms student housing joint venture
QuadReal Property Group, CA Student Living and GI Partners have formed a joint venture to acquire, develop and manage student housing at U.S. universities.
“Much of the student housing stock in the United States is aging and in need of repair or replacement, providing an opportunity to invest in long-term assets that provide an ongoing, dependable revenue stream and align with QuadReal’s desire for strong investment returns,” said Jonathan Dubois-Phillips, president, international real estate at QuadReal, in a statement.
QuadReal, headquartered in Vancouver, British Columbia, has invested $600 million into the joint venture. CASL and GI are co-investors and general partners, with CASL serving as the operating partner.
The joint venture’s initial portfolio includes 10 properties developed and managed by CASL. The properties are geographically diversified in 10 major U.S. university markets across nine states. In addition, the joint venture will acquire