New York — Student housing developer and operator Aspen Heights and global principal investment firm Safanad have entered into a more than $400 million strategic partnership to recapitalize ownership of newly developed purpose-built student housing properties at large universities.
As part of this agreement, Safanad and Aspen Heights will recapitalize the ownership of a portfolio of student housing properties currently owned by Aspen Heights and its investment partners. The portfolio includes eight properties with more than 6,600 beds.
Doug Opalka, Roberto Casas and Mark Gibson of HFF arranged the partnership.
"We are excited about entering into this new partnership with Safanad,” says Greg Henry, CEO of Aspen Heights. “We anticipate the cultural alignment between the two firms and our shared vision in the student housing sector to be key to our partnership's growth and success."