Global student housing manager – Global Student Accommodation (GSA) – has completed the acquisition of a portfolio of five assets from Harrison Street, an investment management firm exclusively focused on alternative real assets. The portfolio comprises three assets in Austin, Texas, Flagstaff in Arizona, and Charleston in South Carolina. The transaction adds over 1,600 student beds to GSA’s US portfolio, which has grown within two years to 46 assets across 23 states.
The transaction gives GSA access to the new market of Charleston. Since 2010, Charleston has seen its labour pool grow three times faster than the US average, while student applications to the College of Charleston have increased 29.1%. Located in close proximity to the College of Charleston, Sterling Campus expands GSA’s presence in the Carolinas.
The Austin properties follow the recently acquired Yugo Austin Waterloo, growing GSA’s presence in the city and creating operational synergies for GSA’s global operating partner, Yugo.
Yugo will take on the management of all five assets, with the aim of enhancing students’ experiences throughout and beyond university and college life. Through the Live Your Best Life program, Yugo aims to empower students to live their lives with purpose and impact through three pillars based on sustainability – YugoEco, YuPro and YuGrow.
This latest transaction is intended to reinforce GSA and Morgan Stanley Real Estate Investing’s vision to become a leader in US student housing through their joint venture partnership. The long-term relationship pursues measured growth, deploying capital through targeted value acquisitions.
“I am delighted to complete another successful transaction with Harrison Street. These latest additions to our portfolio build on the momentum that we have had since entering the US market at the start of 2021, where demand for student housing remains robust. These properties enable us to consolidate our presence in key existing markets, while generating significant operational synergies locally.
“The transaction is also testament to the expertise of our team, the strength of the GSA model and the resilience of the sector in the current economic environment. Working closely with our operating partner Yugo, we will continue to drive growth and deliver long-term value for our investors.”Robin Moorcroft, Transaction Director, Global Student Accommodation