Global Student Accommodation (“GSA” or the “Company”), the global leader in student housing, has completed the acquisition of a portfolio of five premium assets from Harrison Street, one of the leading investment management firms exclusively focused on alternative real assets.
The portfolio comprises of three assets in Austin, Texas, one in Flagstaff, Arizona, and one in Charleston, South Carolina. The transaction adds over 1,600 beds to GSA’s U.S. portfolio, which has grown to encompass 46 assets across 23 states in less than two years.
The transaction gives GSA access to the new market of Charleston, which is rapidly becoming a tech hub and seen its labor pool grow three times faster than the U.S. average since 2010. This growth is also reflected in student applications to the College of Charleston, which have increased 29.1%. Located in a prime location, in close proximity to the College of Charleston, Sterling Campus expands GSA’s foothold in the Carolinas.
The Austin properties are complementary to the recently acquired Yugo Austin Waterloo and consolidate GSA’s presence in the city, creating significant operational synergies for GSA’s global operating partner, Yugo.
Yugo will take on the management of all five assets immediately, with the aim of enhancing students’ overall experience throughout and beyond university and college life. Under the Live Your Best Life program, Yugo empowers students to live their lives with purpose and impact through three pillars based on sustainability – YugoEco, YuPro, and YuGrow.
This latest transaction reinforces 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.
Commenting on the acquisition, Robin Moorcroft, Transaction Director, Global Student Accommodation, said:
“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 U.S. 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.”