Chicago — QuadReal Property Group has acquired a 50 percent interest in CA Ventures’ U.S. student living platform for $1.6 billion. As of the first quarter, CA Student Living had delivered 55 communities totaling 33,706 beds, with 11,388 beds under construction and 16,615 beds under management.
“These are extremely exciting times for CA,” says Michael Hales, president of the Chicago-based company’s student living division. “We are proud to have QuadReal join us as a partner as we continue to grow our student housing platform. We view this transaction as a confirmation from QuadReal of their commitment to both the student housing market as a whole and to CA’s work in the sector.”
Over the past few years, QuadReal has invested alongside CA to deliver 11,432 beds in 23 top-tier university markets. This year, CA delivered nine student housing communities with nearly 4,000 beds, all of which were completed in time for the 2020-21 academic year despite the challenges posed by the pandemic.
“QuadReal has been a long-standing partner of ours and they have seen firsthand how we’ve managed throughout the COVID-19 pandemic,” Hales continues. “We’re excited about what the future holds and we could not have gotten here without the hard work and dedication of all of the employees of CA.”
CA and QuadReal will continue to focus on development and acquisition investment opportunities for student housing communities pedestrian to large, research-oriented university systems that offer best-in-class undergraduate and graduate programs.