Campus Advantage has completed the investment for a $200m (€171.3m) partnership with the acquisition of six assets and will soon begin fundraising for a new joint venture.

The US student housing group said the joint venture with a major state pension fund has bought the assets located at five universities. The portfolio adds 1,910 beds to its managed student housing property holdings.

The portfolio, located at Auburn University (Evolve Auburn), Illinois State University (The Flats), University of Oregon (Uncommon Eugene), University of Tennessee (Evolve Knoxville), and the University of Washington (Identity, LIV) consists of recently constructed properties by CA Student Living and contains a total of 714 units.

Josh Greenleaf, the vice president of investments at Campus Advantage, said: “These high-quality assets are the perfect addition to our portfolio.

“We targeted these assets for their strong locations, high-quality markets and stable performance, which will complement and diversify our existing portfolio.”

Since 2007, Campus Advantage has acquired more than $1.5B in student housing assets through its partnerships.

Campus Advantage said this acquisition marks the successful investment of a $200 million joint venture with a large state pension fund, the second of its kind between the partners, it said.

The real estate investor previously completed a $150m joint venture investment with the same partner in 2015, in addition to two other partnerships with another institutional partner, totalling $175m from 2007 to 2015.