{"id":21427,"date":"2018-06-25T13:17:09","date_gmt":"2018-06-25T17:17:09","guid":{"rendered":"https:\/\/qa.bluevaultpartners.com\/?post_type=news&p=21427"},"modified":"2018-06-27T12:07:25","modified_gmt":"2018-06-27T16:07:25","slug":"blackstone-reit-to-purchase-off-campus-student-housing-in-jv-with-greystar","status":"publish","type":"post","link":"https:\/\/qa.bluevaultpartners.com\/blackstone-reit-to-purchase-off-campus-student-housing-in-jv-with-greystar\/","title":{"rendered":"Blackstone REIT to Purchase Off-Campus Student Housing in JV with Greystar"},"content":{"rendered":"

Blackstone REIT to Purchase Off-Campus Student Housing in JV with Greystar<\/h1>\n

June 25, 2018 | James Sprow | Blue Vault<\/p>\n

\"\"<\/p>\n

The Wall Street Journal reported on June 25 that Blackstone Real Estate Income Trust Inc. would buy some off-campus student housing assets from Education Realty Trust, Inc., a real estate investment trust based in Memphis.<\/p>\n

S&P Global reported on June 25 that Blackstone Real Estate Income Trust, Inc. agreed to buy a 10,500-bed portfolio from Education Realty Trust, Inc. in a joint venture with Greystar Real Estate Partners LLC for $1.2 billion. The 95\/5 joint venture will be led by the Blackstone Group LP entity, according to the report.\u00a0 The deal will be completed in conjunction with Greystar\u2019s recently announced $4.6 billion purchase of Education Realty. Greystar Real Estate Partners, an apartment management firm based in Charleston, S.C., manages housing units in more than 150 markets around the world.\u00a0The firm manages over 435,000 conventional units and student beds, according to Monday\u2019s announcement.<\/p>\n

According to S&P Global, the joint venture portfolio spans 20 assets and is located adjacent to top-tier universities.\u00a0 The team of Greystar Realty and Education Realty will continue to manage the assets.<\/p>\n

Blackstone Real Estate Income Trust, Inc. raised over $600 million in equity in Q1 2018 and has raised over $3.0 billion since inception, breaking escrow on January 1, 2017. The nontraded REIT has been consistently raising over 64% of all equity capital raised in the nontraded REIT sector. As of April 30, 2018, the REIT had over $5.9 billion invested in real properties and over $1.2 billion in investments in real estate related securities. Its estimated net asset value per share for its most popular Class S common shares has increased from $10.35 in Q1 2017 to $10.73 as of May 31, 2018. Distributions on Class S shares, net of fees, were at the rate of 5.00% annualized as of Q1 2018.<\/p>\n

Sources:\u00a0Wall Street Journal; S&P Global; Blue Vault<\/em><\/span><\/p>\n

 <\/p>\n

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Learn more about Blackstone Group LP<\/a> on the Blue Vault Sponsor Focus page<\/p>\n

 <\/p>\n

\"\"<\/p>\n

Blackstone REIT’s Acquisitions Illustrate Potential Economies of Scale<\/a><\/p>\n

Blackstone REIT Plans to Raise Another $10 Billion in NTR Offering<\/a><\/p>\n

Blackstone Real Estate Income Trust\u2019s New Dealer Manager Agreement Provides Selling Commission<\/a><\/p>\n

<\/div>","protected":false},"excerpt":{"rendered":"

The Wall Street Journal reported on June 25 that Blackstone Real Estate Income Trust Inc.<\/p>\n","protected":false},"author":1676,"featured_media":15153,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[3010,2710],"tags":[],"class_list":["post-21427","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-asset-manager-news","category-blackstone"],"acf":[],"yoast_head":"\nBlackstone REIT to Purchase Off-Campus Student Housing in JV with Greystar - Blue Vault<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/qa.bluevaultpartners.com\/blackstone-reit-to-purchase-off-campus-student-housing-in-jv-with-greystar\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Blackstone REIT to Purchase Off-Campus Student Housing in JV with Greystar - 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