Landmark Properties and Blackstone Real Estate Income Trust Announce a $784 Million Joint Venture to Recapitalize and Acquire 5,416 Bed Class A Student Housing Portfolio

ATHENS, Ga. and NEW YORK, August 20, 2021 / PRNewswire / – Landmark Properties, a vertically integrated student residence developer and owner, has entered into a joint venture partnership with Blackstone Real Estate Income Trust, Inc. (“BROAD”) to recapitalize eight student residences totaling 5,416 beds in With this transaction, Landmark’s portfolio includes 79 student shared apartments.

“We are very excited to partner with Blackstone, one of the world’s leading private equity firms in real estate,” said Landmark Properties President and CEO Wes Rogers. “We have a great relationship with the Blackstone team and look forward to closing more deals together.

“We have long believed that student residences in top markets make compelling investment opportunities, especially when they are well located, have the high quality amenities that students expect and are managed according to institutional standards. Blackstone’s ongoing investments in this space further confirm the strength. ” this branch. “

Jacob Werner, Senior Managing Director of Blackstone Real Estate, said, “We are delighted to be partnering with Landmark, a leading US student residence developer, to acquire this portfolio of well-located assets at leading US universities Student dormitories have historically proven to be resilient in generating strong cash flows, and this transaction is in line with BREIT’s strategy to acquire high quality, income generating properties with attractive long-term growth potential. We look forward to expanding our presence in expand this asset class and work together on future transactions. “

TSB Capital Advisors acted as financial advisor to both Landmark Properties and BREIT.

About landmark properties
Landmark Properties is a vertically integrated developer and owner-operator with over 1,000 employees and $ 7.7 billion of managed assets. Landmark’s current portfolio includes more than 75 student dormitories across the country and over 50,600 beds, including over $ 3.5 billion in facilities that are currently under construction. Please visit www.landmarkproperties.com for more information.

About Blackstone Real Estate Income Trust
Blackstone Real Estate Income Trust, Inc. (BROAD) is an institutional-grade perpetual real estate investment platform that brings private real estate to income-seeking investors. BREIT invests primarily in stabilized, high-yield US commercial real estate across important real estate types and to a lesser extent in real estate debt investments. BREIT is externally managed by a subsidiary of Blackstone (NYSE: BX), a leading global real estate investment company. Blackstone’s real estate business was founded in 1991 and has approx. $ 208 billion of managed investor capital. Further information can be found at www.breit.com.

SOURCE landmark properties