Growing the Partnership to over 9,700 Beds
ATHENS, Ga., (February 15, 2022) – Landmark Properties, a fully-integrated real estate firm specializing in the development, construction, acquisition and management of high-quality residential living communities and Blackstone Real Estate Income Trust, Inc. (“BREIT”) have acquired, through their previously announced joint-venture, 2,248 beds across four student housing properties located in Tier 1 markets.
With this acquisition, Landmark adds to its growing portfolio of over 54,000 beds. This transaction builds upon Landmark’s record-setting volume of acquisitions and recapitalizations that exceeded $1.3 billion in 2021.
“Landmark is excited to expand its relationship with Blackstone through the acquisition of this portfolio of core assets at universities with strong enrollment growth and high barriers to entry,” said Landmark President and CEO, Wes Rogers. “We see significant opportunity to leverage our track record as an experienced operator to add value to this portfolio.”
Jacob Werner, Co-head of Real Estate Acquisitions Americas, said, “This transaction reflects our ongoing confidence in the student housing sector and is consistent with BREIT’s strategy of acquiring high-quality, income generating properties that have attractive long-term growth potential.”
TSB Capital Advisors acted as financial advisor to both Landmark Properties and BREIT.
About Landmark Properties
Ranked as the nation’s most active student housing developer and top student housing contractor, Landmark Properties is a vertically integrated developer and owner-operator with over $8.3 billion of assets under management. Landmark’s current portfolio includes more than 80 student housing properties across the country and over 54,000 beds, including over $2.7 billion in assets currently under construction. For additional information, visit www.landmarkproperties.com
About Blackstone Real Estate Income Trust
Blackstone Real Estate Income Trust, Inc. (BREIT) is a perpetual-life, institutional quality real estate investment platform that brings private real estate to income focused investors. BREIT invests primarily in stabilized, income-generating U.S. commercial real estate across key property types and to a lesser extent in real estate debt investments. BREIT is externally managed by a subsidiary of Blackstone (NYSE: BX), a global leader in real estate investing. Blackstone’s real estate business was founded in 1991 and has approximately $279 billion in investor capital under management. Further information is available at www.breit.com.
Certain information contained in this communication constitutes “forward-looking statements” within the meaning of the federal securities laws and the Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by the use of forward looking terminology, such as “outlook,” “indicator,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “seeks,” “approximately,” “predicts,” “intends,” “plans,” “estimates,” “anticipates”, “confident,” “conviction,” “identified” or the negative versions of these words or other comparable words thereof. These may include financial projections and estimates and their underlying assumptions, statements about plans, objectives and expectations with respect to future operations, statements regarding future performance and statements regarding identified but not yet closed acquisitions. Such forward-looking statements are inherently uncertain and there are or may be important factors that could cause actual outcomes or results to differ materially from those indicated in such statements. These factors include, but are not limited to, those described under the section entitled “Risk Factors” in BREIT’s prospectus, and any such updated factors included in its periodic filings with the Securities and Exchange Commission (the “SEC”), which are accessible on the SEC’s website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this document (or BREIT’s prospectus and other filings). Except as otherwise required by federal securities laws, BREIT undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future developments or otherwise.
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