Today's Edition
A. SREENIVASA REDDY (ABU DHABI)
A joint venture between a subsidiary of the Abu Dhabi Investment Authority (ADIA) and Landmark Properties has completed the sale of an eight-property student housing portfolio in the United States to a partnership between Morgan Stanley Investment Management, through its real estate arm Morgan Stanley Real Estate Investing (MSREI), and Global Student Accommodation (GSA). The transaction is valued at more than $1 billion.
According to ADIA, the sale underscores the strong performance and maturity of its long-term partnership with Landmark, which began in 2015 to develop and acquire high-quality student housing adjacent to leading US universities.
“ADIA was an early institutional investor in student housing and has built an extensive portfolio in the sector,” said Mohamed Al Qubaisi, Executive Director of ADIA’s Real Estate Department. “Our platform with Landmark has grown significantly over time, with a disciplined strategy focused on acquiring, developing and stabilising high-quality student housing assets, and realising value. This successful divestment aligns with that strategy and enables us to recycle capital into new opportunities.”
The portfolio spans multiple Tier 1 university markets and includes about 6,200 beds across a mix of cottage-style, mid-rise and high-rise properties. Among the assets sold are The Retreat at Corvallis (Oregon State University), The Standard at State College and The Metropolitan State College (Pennsylvania State University), The Standard at Charlottesville (University of Virginia), The Retreat at Gainesville (University of Florida), The Standard at College Station (Texas A&M University), The Retreat at Kennesaw (Kennesaw State University), and The Standard at Raleigh (North Carolina State University).
Wes Rogers, Chairman and CEO of Landmark Properties, said the sale highlights the strength of the JV’s platform: “This transaction underscores the value we’ve created through our partnership with ADIA and the high quality of the assets across the portfolio. The transaction also provides significant liquidity for our platform to recycle into new student housing investment.”
The buyers, MSREI and GSA, said the acquisition represents one of the largest student housing transactions globally in 2025 and expands their portfolio to 50 properties across 23 US states, covering nearly 24,000 beds. “This student housing portfolio fully aligns with our strategy to acquire high-quality, resilient assets in prime locations,” said Will Milam, Head of US Investments at MSREI. Nicholas Porter, CEO of GSA’s parent Dot Group, said: “An off-market portfolio of this size and quality is rare and demonstrates our experience and expertise in the student housing market.”
Yugo, the student housing operator under Dot Group, will manage and rebrand the newly acquired assets, enhancing operational scale and student experiences across the portfolio.
Established in 1976, ADIA is a globally diversified investment institution that prudently invests funds on behalf of the Government of Abu Dhabi through a strategy focused on long-term value creation.
Landmark Properties is a fully-integrated real estate firm specialising in the development, construction, acquisition, investment management, and operation of high-quality residential communities.
