Landmark Properties and Blackstone Real Estate Income Trust Announce a $784 Million Joint Venture to Recapitalize and Acquire 5,416 Bed Class A Student Housing Portfolio
Landmark Properties has partnered with Blackstone Real Estate Income Trust (BREIT) to recapitalize eight student housing assets totaling $784 million and comprising 5,416 beds across the U.S. This joint venture enhances Landmark's portfolio, which now includes 79 student communities. Landmark's focus on high-quality student housing in prime markets reflects a strategic investment, aiming for strong cash flows and growth potential. Blackstone's investment strategy aligns with acquiring resilient, income-generating properties.
- Joint venture valued at $784 million signifies strong market confidence.
- Acquisition of 5,416 beds enhances Landmark's total to 79 communities.
- Focus on student housing aligns with current trends in resilient investment.
- None.
ATHENS, Ga. and NEW YORK, Aug. 20, 2021 /PRNewswire/ -- Landmark Properties, a vertically integrated student housing developer and owner-operator, has entered into a joint-venture partnership with Blackstone Real Estate Income Trust, Inc. ("BREIT") to recapitalize eight student housing assets totaling 5,416 beds across the U.S. With this transaction, Landmark's portfolio includes 79 student housing communities.
"We are very excited to form this partnership with Blackstone, one of the world's leading real estate private equity firms," said Landmark Properties President and CEO Wes Rogers. "We have a great relationship with the Blackstone team and are looking forward to completing additional transactions together.
"We have long believed that student housing in top markets offers a compelling investment opportunity, particularly when well located, developed with the type of high-quality amenities students expect and managed to an institutional standard. Blackstone's ongoing investments in this space further validate the strength of this sector."
Jacob Werner, Blackstone Real Estate Senior Managing Director, said, "We are thrilled to partner with Landmark, one of the top student housing developers in the U.S., to acquire this portfolio of well-located assets concentrated at leading U.S. universities with growing enrollments. Student housing has a history of being resilient while generating strong cash flows and this transaction is consistent with BREIT's strategy of acquiring high-quality, income generating properties that have attractive long-term growth potential. We look forward to growing our presence in this asset class and working together on future transactions."
TSB Capital Advisors acted as financial advisor to both Landmark Properties and BREIT.
About Landmark Properties
Ranked as the nation's most active student housing developer and top student housing contractor, Landmark Properties is a vertically integrated developer and owner-operator with over 1,000 employees and
About Blackstone Real Estate Income Trust
Blackstone Real Estate Income Trust, Inc. (BREIT) is a perpetual-life, institutional quality real estate investment platform that brings private real estate to income focused investors. BREIT invests primarily in stabilized, income-generating U.S. commercial real estate across key property types and to a lesser extent in real estate debt investments. BREIT is externally managed by a subsidiary of Blackstone (NYSE: BX), a global leader in real estate investing. Blackstone's real estate business was founded in 1991 and has approximately
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