CHICAGO, VANCOUVER, BC—QuadReal Property Group, CA Student Living and GI Partners have formed a joint venture to acquire, develop and manage student housing at select universities throughout the US. Vancouver, BC-based QuadReal has invested $600 million of equity into the joint venture. CASL and GI are co-investors and general partners, with CASL serving as the operating partner.
CASL has acquired 5,000 university beds and developed another 20,000 new beds since its founding in 2004, making it one of the most active infill student housing developers in the country. The joint venture's initial portfolio includes four properties developed and managed by CASL, and six new developments that will open in the next few months.
Many Canadians are looking for ways to invest in US real estate, JJ Smith, president of CA Student Living, tells GlobeSt.com, and this deal gives QuadReal “immediate scale in a sector that is undergoing rapid growth, provides stable cash flow, and is very resilient during recessions.”
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
