ATHENS, Ga. and NEW YORK, Aug. 20, 2021 /PRNewswire/ — Landmark Properties, a vertically built-in scholar housing developer and owner-operator, has entered right into a joint-venture partnership with Blackstone Actual Property Earnings Belief, Inc. (“BREIT”) to recapitalize eight scholar housing property totaling 5,416 beds throughout the U.S. With this transaction, Landmark’s portfolio contains 79 scholar housing communities.
“We’re very excited to type this partnership with Blackstone, one of many world’s main actual property non-public fairness corporations,” stated Landmark Properties President and CEO Wes Rogers. “We’ve got an important relationship with the Blackstone group and are trying ahead to finishing extra transactions collectively.
“We’ve got lengthy believed that scholar housing in prime markets affords a compelling funding alternative, notably when nicely situated, developed with the kind of high-quality facilities college students count on and managed to an institutional normal. Blackstone’s ongoing investments on this area additional validate the energy of this sector.”
Jacob Werner, Blackstone Actual Property Senior Managing Director, stated, “We’re thrilled to accomplice with Landmark, one of many prime scholar housing builders within the U.S., to accumulate this portfolio of well-located property concentrated at main U.S. universities with rising enrollments. Pupil housing has a historical past of being resilient whereas producing sturdy money flows and this transaction is according to BREIT’s technique of buying high-quality, earnings producing properties which have enticing long-term development potential. We stay up for rising our presence on this asset class and dealing collectively on future transactions.”
TSB Capital Advisors acted as monetary advisor to each Landmark Properties and BREIT.
About Landmark Properties
Ranked because the nation’s most energetic scholar housing developer and prime scholar housing contractor, Landmark Properties is a vertically built-in developer and owner-operator with over 1,000 workers and $7.7 billion of property below administration. Landmark’s present portfolio contains greater than 75 scholar housing properties throughout the nation and over 50,600 beds, together with over $3.5 billion in property at the moment below development. For added info, go to www.landmarkproperties.com.
About Blackstone Actual Property Earnings Belief
Blackstone Actual Property Earnings Belief, Inc. (BREIT) is a perpetual-life, institutional high quality actual property funding platform that brings non-public actual property to earnings centered traders. BREIT invests primarily in stabilized, income-generating U.S. business actual property throughout key property varieties and to a lesser extent in actual property debt investments. BREIT is externally managed by a subsidiary of Blackstone (NYSE: BX), a world chief in actual property investing. Blackstone’s actual property enterprise was based in 1991 and has roughly $208 billion in investor capital below administration. Additional info is on the market at www.breit.com.
SOURCE Landmark Properties