Morgan Stanley Real Estate Investing and Global Student Accommodation (GSA) have completed the acquisition of a $1 billion portfolio of eight student housing assets across Tier 1 U.S. university markets. The off-market transaction, one of the largest student housing deals in the United States and globally this year, was made through investment funds managed by Morgan Stanley Real Estate Investing (MSREI) and marks another milestone in the partnership’s U.S. expansion strategy.
The portfolio was acquired from a joint venture between a wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA) and Landmark Properties. Together, the assets add approximately 6,200 beds located near leading institutions such as the University of Virginia, the University of Florida, Texas A&M University, and Penn State University. Nearly all of the properties are fully occupied, reflecting strong demand for high-quality, campus-adjacent housing.
The acquisition enables MSREI and GSA to expand into new markets, including Virginia, Georgia, and Pennsylvania, while strengthening their footprint in established student housing hubs such as Texas, Florida, Oregon, and North Carolina. The partnership’s U.S. portfolio now spans 50 properties in 36 cities across 23 states, representing nearly 24,000 beds.
Yugo, the global student housing operator under The Dot Group, has been appointed as manager of the newly acquired properties. Through its scale, expertise, and operational platform, Yugo aims to deliver high-quality living experiences and operational efficiencies across the expanded portfolio.
GSA, a leader in student housing real estate with $8 billion in assets under management, operates across 11 countries and 80 educational cities. The company forms part of The Dot Group, a global leader in student living with a focus on creating connected and sustainable spaces for students worldwide.
MSREI, the private real estate investment arm of Morgan Stanley, manages approximately $54 billion in gross real estate assets and has been a key player in the global property market for more than three decades. The business combines regional expertise with a worldwide investment perspective to identify high-value opportunities.
Morgan Stanley Investment Management, which oversees $1.8 trillion in assets globally, continues to deliver long-term investment solutions to governments, institutions, corporations, and individuals.
Yugo, now managing more than 280 student living spaces across 14 countries and serving nearly 160,000 students, represents the operational backbone of The Dot Group’s global student living strategy.
KEY QUOTES:
“GSA, as part of the Dot Group, further expands its market position with its partner Morgan Stanley Real Estate Investing (“MSREI”), representing another pivotal step forward in its U.S. strategy. This acquisition is testament to the depth of our global teams, our access to unique opportunities and the strength of our institutional relationships in the United States and globally. An off-market portfolio of this size and quality is rare and demonstrates our experience and expertise in the student housing market. Yugo, the leading U.S. and global student housing operator, will manage and rebrand the newly acquired assets, creating further scale and operational excellence with enhanced student experiences across the portfolio.”
Nicholas Porter, Chief Executive Officer, The Dot Group
“This student housing portfolio fully aligns with our strategy to acquire high-quality, resilient assets in prime locations. We are pleased to partner with GSA to strengthen our market position to capture the ongoing demand for student housing in some of the country’s top university markets.”
Will Milam, Head of U.S. Investments, Morgan Stanley Real Estate Investing
