ATHENS, Ga.--(BUSINESS WIRE)--

The long-standing Joint Venture (“JV”) between Landmark Properties (“Landmark”), a fully-integrated real estate firm specializing in the development, construction, acquisition, investment management, and operation of high-quality residential communities, and a wholly owned subsidiary of the Abu Dhabi Investment Authority (“ADIA”), today announced the sale of an eight-property student housing portfolio to a partnership between Morgan Stanley Investment Management, through investment funds managed by Morgan Stanley Real Estate Investing (“MSREI”), and Global Student Accommodation (“GSA”). The transaction is valued at more than $1 billion.

The transaction underscores the strength of the Landmark and ADIA’s student housing platform and reflects the continued institutional demand and liquidity for premier student housing assets. The portfolio spans multiple Tier-1 university markets and includes 6,200 beds in a mix of cottage-style, high-rise and mid-rise formats.

Landmark and ADIA formed their first joint venture in 2015 to develop high quality student housing properties adjacent to leading U.S. universities. Since then, the development platform has continued to grow and an additional value-add acquisition platform was created in 2022.

Wes Rogers, Chairman and CEO of Landmark Properties, said: “This sale underscores the value we’ve created through our partnership with ADIA and the high quality of the assets across the portfolio. The transaction also provides significant liquidity for our platform to recycle into new student housing investment. We’re proud of the positive performance these communities have delivered and look forward to reinvesting across our current portfolio and in our robust pipeline of projects as the student sector continues on a growth trajectory.”

Mohamed Al Qubaisi, Executive Director of the Real Estate Department at ADIA, said: “ADIA was an early institutional investor in student housing and has built an extensive portfolio in the sector. Our platform with Landmark has grown significantly over time, with a disciplined strategy focused on acquiring, developing and stabilizing high quality student housing assets, and realizing value. This successful divestment aligns with that strategy and enables us to recycle capital into new opportunities.”

The properties included in the sale were The Retreat at Corvallis (serving Oregon State University); The Standard at State College and The Metropolitan State College (serving Pennsylvania State University); The Standard at Charlottesville (serving the University of Virginia); The Retreat at Gainesville (serving the University of Florida), The Standard at College Station (serving Texas A&M University); The Retreat at Kennesaw (serving Kennesaw State University); and The Standard at Raleigh (serving North Carolina State University).

About Landmark Properties

Headquartered in Athens, Ga., with an office in Atlanta, Landmark Properties is a fully integrated real estate firm, specializing in the acquisition, development, and management of high-quality residential communities. With over $15 billion in AUM, Landmark’s portfolio includes over 115 residential communities across the United States with 72,000 beds under management. Additionally, Landmark benefits from an active development pipeline with over 50 student and multifamily projects under construction or near term start with an estimated value of over $10 billion. For more information, visit www.landmarkproperties.com.

About ADIA

Established in 1976, the Abu Dhabi Investment Authority (“ADIA”) is a globally-diversified investment institution that prudently invests funds on behalf of the Government of Abu Dhabi through a strategy focused on long-term value creation. For more information, please visit www.adia.ae.

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Source: Landmark Properties