Blackstone strikes $13 billion deal to acquire largest student housing in the US

According to the National Multifamily Housing Council, the market for student housing will expand from 8.5 million beds in 2020 to 9.2 million in 2031 – and Blackstone is acting fast. In 2021, BREIT formed a $784 million joint venture with student housing developer Landmark Properties.

Blackstone said it is prepared to pay ACC $65.47 a share – about a 14% premium to Monday’s closing price. Once finalized, this will mark BREIT’s largest student housing deal.

ACC is the nation’s largest owner, manager and developer of student housing communities. As of December 31, 2021, ACC had over 166 student housing properties with 111,900 beds on campuses like Arizona State University, Florida State University and the University of California in Berkeley.

“American Campus Communities has a best-in-class portfolio and platform, built on longstanding relationships with some of the most distinguished and fastest growing universities in the country,” Jacob Werner, co-head of acquisitions at Blackstone, said in a statement.