Morgan Stanley, GSA Buy $1 Billion Student Housing Portfolio
Morgan Stanley Investment Management and Global Student Accommodation bought a portfolio of US student housing properties from Abu Dhabi Investment Authority and Landmark Properties in a deal valued at more than $1 billion.
The purchase includes eight assets and 6,200 beds located near schools including the University of Virginia and Penn State University, according to a statement Wednesday.
Morgan Stanley has been building out a major bet on student housing buildings. With the latest purchase, the bank’s asset manager and GSA, which manages $8 billion, now have 50 properties in the US, and are expanding their bets to new markets in Virginia, Georgia and Pennsylvania.
The asset manager has also been striking student-housing deals outside of its venture with GSA. Earlier this year, Morgan Stanley Investment Management and Scion Group agreed to buy those types of properties near the University of Mississippi campus for $262 million.
Real estate investors getting into student housing are betting that a third year of enrollment growth at US universities will help fuel demand for residences.
The recent purchase with GSA “fully aligns with our strategy to acquire high-quality, resilient assets in prime locations,” Will Milam, head of US investments at Morgan Stanley Real Estate Investing, said in the statement.
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