UK-based leading student housing investor Global Student Accommodation Group has entered the US market with a major purchase, an 8,000-bed, 27-property portfolio located in 18 states and 19 primary markets. GSA acquired the portfolio in a joint venture with University Communities and the California State Teachers Retirement Fund, and the purchase price was not disclosed, although some industry sources are citing a price tag of $700 million.

GSA has been scouting entry into the US market, buy waited for the right opportunity. This deal provided scale, the ability to provide attractive investor returns and an opportunity for value creation. In a statement on the purchase, Will Rowson, CEO of GSA investment management, said, "We have been patient to source the right opportunity that fits with our investment criteria and we are very pleased to have secured a major foothold across the country."

To drive value in the portfolio, GSA will leverage its 30 years of experience in the student housing space. The firm is bullish on this market, expecting what it characterizes as "unprecedented growth" in both the domestic and international student housing arenas over the next decade. This portfolio is well positioned to profit from that growth, already enjoying 96% current occupancy.