Mapletree buys student housing in the US and Canada
By Michael Lim
/ The Edge Property |
Mapletree Investment has acquired another eight purpose-built student housing assets and four multi-family assets with a total of 3,751 beds from Kayne Anderson Real Estate Advisors. The eight purpose-built student housing assets with a total of 3,611 beds are located across the United States (US) and 140 beds in Canada, while the four multi-family assets with a total of 1,388 units are in the US.
According to Mapletree, the eight student housing assets have an occupancy rate of above 90%, while the portfolio of four multi-family assets comprising 1,388 units have an average occupancy rate of 88%.
Though the size of the latest transaction was not disclosed, Mapletree says it has spent US$1.6 billion to date acquiring 22 assets comprising 12,000 student housing beds and 1,388 multi-family units, including the latest deal, from Kayne Anderson Real Estate Advisors. Mapletree now owns 43 student housing assets with 18,024 beds in the US, Canada and the UK.
Source: Mapletree
4th Street Commons is a 562-bed quality student accommodation asset located near the Florida International University in Miami, the US.
Mapletree’s chief executive officer Hiew Yoon Khong says the group intends to keep growing its portfolio of student accommodation globally.
“Growing university enrolment rates will continue to drive demand for student housing and this sector is still under-served,” says Hiew.
“We see opportunities as there is a gap between enrolment and total supply of purpose-built student housing, and we intend to scale up in this sector globally including in Australia and continental Europe, aside from the UK and the US.”
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