SAN FRANCISCO — Vancouver-based QuadReal Property Group has invested $600 million into a joint venture with San Francisco-based private equity firm GI Partners and Chicago-based CA Student Living to invest in U.S. student housing.
The JV is starting with a 10-property portfolio managed by CA Student Living, including several properties set to deliver this fall. The JV will also acquire and develop in additional properties that are in CA’s development pipeline.
Though QuadReal is an established investor in commercial real estate, the investment marks the company’s entry into the U.S. student housing market. Western-based assets under the JV include Rise on Apache at Tempe near Arizona State University, Uncommon at Fort Collins near Colorado State University and Identity at Reno near the University of Nevada-Reno, all of which will open this fall.