Blackstone Real Estate Income Trust (BREIT) is investing in a student housing portfolio in the US via a $784m (€660m) joint venture with Landmark Properties.

Landmark Properties said it has entered into a joint-venture partnership with BREIT to recapitalise and acquire eight student housing assets totalling 5,416 beds across the US.

With this transaction, Landmark said its portfolio includes 79 student housing communities.

Landmark Properties president and CEO Wes Rogers, said: “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, a senior managing director at Blackstone Real Estate, said, “We are thrilled to partner with Landmark, one of the top student housing developers in the US, to acquire this portfolio of well-located assets concentrated at leading US 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.”

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