NEW YORK / LONDON — Global Student Accommodation announced today the acquisition of a US portfolio of over 8,100 beds from Harrison Street.
Wells Fargo Bank, National Association provided financing for the whole senior loan position arranged by TSB Capital Advisors.
This marks the second portfolio successfully acquired by GSA within 12 months of its US market entry in December 2020. TSB Capital Advisors consulted on both acquisitions.
The most recent portfolio sits across 10 states and 12 cities, stretching East to West coast, doubling the size of GSA’s presence in North America. All properties are positioned in prime locations close to large universities with five of the properties situated next to Power-5 schools in Alabama, Oregon, Washington, Arizona and Kentucky. The portfolio is over 93% occupied and has a strong track record of consistent rental growth across all locations. GSA has identified further rehabilitation and design improvements to ensure sustainable growth continues.
More information on this transaction can be found here.