Landmark-ADIA Joint Venture Sells Eight-Property Student Housing Portfolio to Morgan Stanley and GSA in $1 Billion Deal
The long-standing joint venture (JV) between Landmark Properties (“Landmark”)—a fully integrated real estate firm specializing in the development, construction, acquisition, investment management, and operation of high-quality residential communities—and a wholly owned subsidiary of the Abu Dhabi Investment Authority (“ADIA”) has announced the sale of an eight-property student housing portfolio. The portfolio was acquired by a partnership between Morgan Stanley Investment Management, through investment funds managed by Morgan Stanley Real Estate Investing (“MSREI”), and Global Student Accommodation (“GSA”). The transaction is valued at over $1 billion, marking one of the largest student housing portfolio sales in recent years.
This major transaction highlights the strength and institutional appeal of the Landmark–ADIA student housing platform, underscoring both parties’ ability to develop and manage high-quality, income-producing assets in top-tier university markets. The sale also reflects the continued investor confidence in the U.S. student housing sector, which has seen robust growth in demand, strong rent performance, and resilient occupancy trends, even during periods of broader economic uncertainty.
The divested portfolio spans multiple Tier-1 university markets across the United States and comprises 6,200 beds in a mix of cottage-style, mid-rise, and high-rise communities. Each property is strategically located adjacent to leading universities, offering modern amenities, superior management, and access to walkable campus environments—key factors that continue to attract both investors and students.
Landmark and ADIA first partnered in 2015 to create a platform focused on developing purpose-built student housing communities near major universities in the U.S. The venture has since evolved into one of the largest and most active student housing development platforms in the country. Building on their success, the partners expanded their collaboration in 2022 with the creation of a value-add acquisition platform, allowing them to target existing properties with opportunities for renovation, rebranding, and operational enhancements.
Wes Rogers, Chairman and CEO of Landmark Properties, emphasized the strategic importance of the transaction, stating:
“This sale underscores the value we’ve created through our partnership with ADIA and the high quality of the assets across the portfolio. The transaction also provides significant liquidity for our platform to recycle into new student housing investment. We’re proud of the positive performance these communities have delivered and look forward to reinvesting across our current portfolio and in our robust pipeline of projects as the student sector continues on a growth trajectory.”
Rogers’ remarks reflect Landmark’s broader strategy of capital recycling—leveraging strong performance and investor interest to fund new development opportunities. The company continues to expand its footprint across the U.S., focusing on university-adjacent locations where enrollment growth, limited supply, and stable demand support long-term asset appreciation.
Mohamed Al Qubaisi, Executive Director of the Real Estate Department at ADIA, highlighted the transaction’s alignment with the sovereign fund’s long-term investment philosophy:
“ADIA was an early institutional investor in student housing and has built an extensive portfolio in the sector. Our platform with Landmark has grown significantly over time, with a disciplined strategy focused on acquiring, developing, and stabilizing high quality student housing assets, and realizing value. This successful divestment aligns with that strategy and enables us to recycle capital into new opportunities.”
ADIA’s continued activity in student housing underscores the asset class’s increasing appeal among global institutional investors. Student housing has proven to be one of the most resilient real estate sectors, supported by strong enrollment trends, undersupplied markets, and rising demand for high-quality, purpose-built accommodations.
The eight properties included in the transaction represent a geographically diverse collection of high-performing assets serving major U.S. universities:
- The Retreat at Corvallis, serving Oregon State University
- The Standard at State College and The Metropolitan State College, both serving Pennsylvania State University
- The Standard at Charlottesville, serving the University of Virginia
- The Retreat at Gainesville, serving the University of Florida
- The Standard at College Station, serving Texas A&M University
- The Retreat at Kennesaw, serving Kennesaw State University
- The Standard at Raleigh, serving North Carolina State University
Each property features a range of modern amenities such as resort-style pools, study lounges, fitness centers, and social spaces designed to enhance the student living experience. The communities are known for their architectural quality, proximity to campus, and strong leasing performance—factors that made them highly attractive to investors like MSREI and GSA.
Morgan Stanley Real Estate Investing and Global Student Accommodation bring deep expertise in global real estate and student living sectors. MSREI, part of Morgan Stanley Investment Management, manages real estate investments worldwide, while GSA operates as one of the leading providers of student housing globally, with a presence across multiple continents. Their acquisition of this portfolio strengthens their foothold in the U.S. market and aligns with their strategies to expand holdings in stable, education-driven sectors.
For Landmark and ADIA, this transaction represents both a milestone and a new chapter. The sale not only validates the quality and scalability of their joint venture platform but also frees up capital for reinvestment into future developments. With a growing pipeline of projects and continued investor appetite, both firms are well positioned to capitalize on the expanding student housing market.
As the U.S. higher education sector continues to experience enrollment growth and increasing demand for high-quality student housing, institutional investors are expected to remain active in the space. Transactions such as this one further illustrate the strong fundamentals and long-term attractiveness of student housing as a core real estate asset class.
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