CHARLESTON, SC, and LONDON-Greystar Real Estate Partners in partnership with Goldman Sachs, has acquired a portfolio of student housing assets in the United Kingdom. The portfolio comprises 21 assets principally located in London, Manchester, Leeds and Liverpool and represents the first acquisition undertaken by Greystar in the UK. The transaction closed on October 23.

“We are responding to continued strong demand from renters for professionally managed, institutional quality residential communities and that is our strength,” said Bob Faith, founder and CEO of Greystar. “Overall residential investment remains a very attractive near and long term growth market not just in the US, but also in other select markets globally, like the UK. Our operational strategies and expertise have positioned us for significant and sustained growth for many years ahead.”

The portfolio was acquired out of UK bankruptcy administration proceedings for the Opal Property Group. It comprises assets containing over 6,900 beds. The portfolio's high quality buildings and locations, as well as the fact that many of the properties are partnered with outstanding universities made this an attractive purchase for Greystar. The company also believes that residential properties in select markets globally are poised to outperform particularly when acquired in distress and when they can apply value-add strategies. Greystar will execute capital improvement program on the portfolio that will include both interior and common area upgrades.