Morgan Stanley Real Estate Investing (MSREI) and Global Student Accommodation (GSA) have announced the acquisition of a portfolio of eight student housing assets in major U.S. university markets. The transaction, valued at over $1 billion, is one of the largest student housing deals in the United States and globally this year.
The portfolio consists of 6,200 beds across properties located near top universities such as the University of Virginia, University of Florida, Texas A&M, and Penn State University. These assets are situated in seven states and have reported nearly full occupancy rates.
The purchase was made from a joint venture between a subsidiary of Abu Dhabi Investment Authority and Landmark Properties. This off-market deal allows MSREI and GSA to expand their presence in new markets like Virginia, Georgia, and Pennsylvania while strengthening their positions in established locations including Texas, Florida, Oregon, and North Carolina.
With this acquisition, the partnership’s U.S. holdings now include 50 properties across 36 cities in 23 states, totaling nearly 24,000 beds.
Nicholas Porter, Chief Executive Officer at The Dot Group, said:
"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.”
Will Milam, Head of U.S. Investments at Morgan Stanley Real Estate Investing commented:
“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.”
Yugo has been appointed as manager for these properties. The company manages more than 280 student living spaces across 14 countries for nearly 160,000 students worldwide as part of The Dot Group.
GSA manages $8 billion in assets under management (AUM) with operations spanning 11 countries. Morgan Stanley Real Estate Investing oversees $54 billion in real estate assets globally on behalf of clients through regional teams based out of offices around the world. Morgan Stanley Investment Management collectively manages approximately $1.8 trillion as of September 30, 2025.