AUSTIN—Investment firm Safanad and Austin-based Aspen Heights, a developer and operator of off campus student housing across the United States, have entered into a strategic partnership to target “newly-developed purpose-built student housing properties at large universities.”

As part of this agreement, Safanad and Aspen Heights will recapitalize the ownership of a portfolio of student housing properties currently owned by Aspen Heights and its investment partners. The purchase price of this portfolio is over $400 million and includes eight properties with over 6,600 beds.

"This significant investment in eight of our student housing properties by Safanad will enable us to pursue more new student housing development opportunities across the country,” Aspen Heights founder and CEO Greg Henry told GlobeSt.com. “We continue to see a lot of opportunities in this market sector, and we view this investment as a big vote of confidence in our company by a global investor seeking to gain a major foothold in U.S. student housing.”