PARIS—Continuing its foray into European markets, Harrison Street Real Estate Capital has formed a joint venture with student housing developer HPC Group and its subsidiary Oceanis Promotion.
Transforming Age, formerly known as Presbyterian Retirement Communities Northwest, acquired an eight-property portfolio totaling more than 1,000 units for $138 million. The portfolio, located across the Twin Cities, was acquired from a joint venture between Des Moines, Iowa-based LCS and Chicago-based Harrison Street Real Estate.
Student housing is increasingly becoming a global business. While we are just at the start of lending American student housing ingenuity to projects abroad, foreign investment has participated for some time in student housing investments here in the United States. At the same time, a number of U.S.-based investors are seeking to deploy capital abroad, where purpose-built student housing is practically in the embryo stage.