Blackstone Real Estate Income Trust and Landmark Properties have teamed up on a $784 million joint venture to recapitalize and acquire eight student housing assets totaling 5,416 beds across the US.

Blackstone already has a presence in this space having acquired a 28,000-bed portfolio in the UK from Goldman Sachs last year for $6 billion as well as an earlier investment with Greystar Real Estate Partners.

Jacob Werner, Blackstone Real Estate Senior Managing Director, said the firm is attracted to student housing's resilience. "Student housing has a history of being resilient while generating strong cash flows and this transaction is consistent with BREIT's strategy of acquiring high-quality, income generating properties that have attractive long-term growth potential," he said in a prepared statement. "We look forward to growing our presence in this asset class and working together on future transactions."