(Reuters) -Private equity firm KKR has agreed to buy a portfolio of 19 student housing properties from Blackstone (NYSE:BX) Real Estate Income Trust for about $1.64 billion, the companies said on Thursday.
The over 10,000-bed portfolio comprises 19 student housing assets located in 14 four-year public universities across 10 states.
"This transaction is an excellent outcome for BREIT's investors and demonstrates the strong demand for the high-quality assets," Jacob Werner, co-head of Americas acquisitions for Blackstone Real Estate, said in a statement.
Blackstone-owned BREIT had acquired the properties in 2018 in a joint venture with Greystar Real Estate Partners.
Blackstone, through its portfolio firm American Campus Communities (NYSE:ACC), is the largest owner of student housing in the United States, with more than 190 properties, representing about 140,000 beds.
The alternative asset manager bought ACC in 2022 in a deal valued at $12.8 billion.