Real assets fund manager Stonepeak has added three purpose-built student housing assets to its US real estate portfolio.
Stonepeak said it is buying the portfolio with approximately 2,300 beds in partnership with real estate manager Cardinal Group, without disclosing any financial information.
The assets are located on average a 10th of a mile from campuses at public universities across the Sunbelt with an average enrollment of approximately 40,000 students, the company added.
Phill Solomond, senior MD and head of real estate at Stonepeak, said: “This acquisition reflects our conviction in the resilience and long-term fundamentals of well-located student housing, and we are excited to add these assets to our portfolio.
“With growing enrollment trends and embedded demand for assets adjacent to campus, we look forward to delivering both high-quality living experiences for students and strong performance for our investors.”
To read the latest IPE Real Assets magazine click here.
