KKR to acquire 19 purpose-built student housing properties from Blackstone for $1.64bn.

KKR, a global investment firm, agreed to acquire 19 purpose-built student housing properties from Blackstone Real Estate Income Trust, a perpetual-life, institutional quality real estate investment platform for $1.64bn. “Student housing is a sector that we have long-term conviction in. We are pleased to be working with Blackstone to complete this transaction which will add a diverse mix of high-quality properties to our portfolio. The operating capabilities we have built with University Partners over the past decade and our ability to transact at scale, position us to create value for our investors and to continue investing in great living experiences across these communities. We are deploying into what we view as a compelling market environment to purchase quality real estate,” Justin Pattner, KKR Partner and Head of Real Estate Equity in the Americas.