Safanad and Aspen Heights to Recapitalize $400 million Portfolio of Student Housing Properties
NEW YORK, Sept. 1, 2015 /PRNewswire/ -- Safanad, the global principal investment firm, and Aspen Heights, a developer and operator of off campus student housing across the United States, announced they have entered into a strategic partnership to target 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 purchase price of this portfolio is over US $400 million and includes eight properties with over 6,600 beds.
The strategic partnership will target both ground-up development and stabilized newly developed student housing properties. Ziad Dannaoui, Head of Safanad's Transaction Team and member of its Real Estate board said, "The student housing segment offers attractive risk-adjusted returns and represents a fragmented market with significant opportunity to scale businesses. We have developed an in-depth understanding of the key drivers underpinning student housing and this in turn informs our commitment to this sector." Dannaoui added "Safanad brings proven investment and risk management across a number of specialized industry sectors. Aspen Height's management team and experience will further support our investments in this real estate sector. We look forward to working with the Aspen Heights team in building out our student housing platform".
Greg Henry, CEO of Aspen Heights, said, "We are excited about entering into this new partnership with Safanad. 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."
About Safanad
Safanad is a global principal investment firm that invests in real estate, private equity and public markets. As principal investors, Safanad preserves and grows wealth through a disciplined industry focused investment approach that builds relationships with exceptional management partners and top industry leaders. With offices in New York, Dubai, and London, the firm seeks to identify global investment opportunities poised to deliver consistently attractive returns, where the firm's capital and investment expertise support value creation. For more information, visit www.safanad.com
About Aspen Heights
Aspen Heights Partners is a national multifamily and student housing developer and manager headquartered in Austin, TX. With over $1 billion in development since its founding in 2006, Aspen Heights has been dedicated to the development of a unique and innovative platform that joins quality construction and development with pioneering sales and marketing techniques, combined with world-class customer service. For more information, visit www.aspenheightspartners.com
Media Contacts
Safanad
Barbara Knight
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Aspen Heights
Zach Borger
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SOURCE Safanad
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