Private equity firm KKR has agreed to buy a portfolio of 19 student housing properties from Blackstone Real Estate Income Trust for about $1.64 billion, the companies said on Thursday.
The over 10,000-bed portfolio comprises 19 student housing assets located in 14 four-year public universities across 10 states.
“This transaction is an excellent outcome for BREIT’s investors and demonstrates the strong demand for the high-quality assets,” Jacob Werner, co-head of Americas acquisitions for Blackstone Real Estate, said in a statement.
Blackstone-owned BREIT had acquired the properties in 2018 in a joint venture with Greystar Real Estate Partners.
Blackstone, through its portfolio firm American Campus Communities (ACC), is the largest owner of student housing in the United States, with more than 190 properties, representing about 140,000 beds.
The alternative asset manager bought ACC in 2022 in a deal valued at $12.8 billion.
Source: Reuters.com