TSL Express Daily News
The Secured Lender
SFNet's The 81st Annual Convention Issue
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Top 5 Apps for Organizing
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The Importance of Stretching
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SFNet's 40 Under 40 Award Winners Panel Recap
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SFNet's Inaugural YoPro Leadership Summit
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It’s a Marathon, Not a Sprint
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It’s Not Too Late – Five Member Benefits to Cash In On Now
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It’s Time To Break Up With Your Phone
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Lien Management – What You Need to Know
Jun 6, 2018UCC filing is the cornerstone of all loans and every lien portfolio...
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Potential Impacts of Blockchain on Commercial Lending
Jan 15, 2018By Raja Sengupta, Executive Vice President and General Manager, Wolters Kluwer’s Lien Solutions When it comes to the rising importance…
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How to be a Good Leader
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Fintech and Due Diligence – Disruptors and Established Firms Evolve
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A Commercial Banker’s Tickler Transition Plan
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Understanding and Developing Your Personal Brand: Four Steps to a More Intentional Career Progression
Sep 5, 2017It is imperative for individuals to have a general idea about their future career aspirations, just as companies should have clearly defined strategies.
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Selecting a Technology Vendor: 3 Questions to Ask
Jul 5, 2017As with anything else at your bank, selecting a technology vendor can be a challenging decision. Users from across different…
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Why Back-Office Lending Automation Enhances Customer Satisfaction
Apr 25, 2017Every bank strives to keep its customers happy. Of course, some institutions are better at achieving this goal than…
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The Lost Art of the Loan Purchase
Mar 2, 2017Purchasing a loan directly from a bank whether at par or discount is a not-often-used technique that is easily…
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Audit Prep: Why a Paperless Approach Makes Sense
Feb 15, 2017How much time does your financial institution spend preparing for audits? We recently surveyed 187 community banks, and the results…
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Back Office Support Services: Helping you approve more clients
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“All Assets” is the Key When Drafting UCC-1 Financing Statement Collateral Descriptions
Jan 30, 2017Even when prepared by outside or in-house counsel, many lenders pay close attention to draft UCC financing statements before they…
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Paper Loan Files: Does Your Bank Know the True Cost?
Jan 12, 2017Sure, there’s a tangible cost associated with deploying an electronic loan imaging system. Software, support, and scanning hardware are just…
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April 25, 2024
Source: Globe Street
Properties encompassing 10K beds are anchored to 14 universities across 10 states.
Blackstone Real Estate Income Trust (BREIT) is selling a portfolio of 19 student-housing properties to funds managed by KKR for $1.64B.
The portfolio, which encompasses more than 10,000 beds, includes purpose-built student housing assets anchored to 14 four-year public universities across 10 states, the companies announced on Thursday.
“We continue to have long-term conviction in student housing and are actively growing through BREIT’s student housing platform, American Campus Communities, which is the largest owner of student housing in the U.S.,” Jacob Werner, co-head of Americas Acquisitions for Blackstone Real Estate, said in a statement.
Blackstone acquired American Campus Communities in 2022 for $13B. ACC, which owns more than 190 student housing properties encompassing about 140,000 beds, will be opening six new ACC communities in 2024, Blackstone said in the release.
BREIT bought the portfolio that it’s selling to KKR in 2018 through a joint venture with Greystar Real Estate Partners. The transaction with KKR is expected to close in the third quarter.
KKR said the portfolio will be managed by University Partners, an owner and operator of student housing KKR launched in 2016. Including its third-party management business and the properties it is acquiring from BREIT, University Partners will own and manage more than 25,000 beds.
“This is a high quality, scaled portfolio of purpose-built student housing assets serving the country’s leading four-year public universities,” said Travis Roberts, CEO of University Partners, in a statement.
“Approximately half of the portfolio is in markets where we have existing operating experience, and this transaction will enable us to expand our presence into a number of attractive new markets,” Roberts said. “We believe student housing in the top university markets will continue to benefit from strong enrollment growth and structural constraints on new supply.”
The deal with KKR is the second multi-billion-dollar transaction announced by Blackstone in recent weeks.
Earlier this month, Blackstone announced it is taking private Apartment Income REIT, also known as AIR Communities, in a $10B deal. The REIT owns 76 rental housing communities.
