PAOLI, PA — TSB Realty, LLC successfully completed the sale of a five-property student housing portfolio totaling more than 1,600 beds. Harrison Street, one of the leading investment management firms exclusively focused on alternative real assets, sold the properties to a joint venture of Global Student Accommodation (GSA) and Morgan Stanley Real Estate Investing (MSREI).
“We’re proud to continue our strong relationships with Harrison Street, GSA and MSREI with the sale of such a prominent portfolio,” said Timothy S. Bradley, a principal with TSB Realty and the founder of TSB Capital Advisors. “We were involved in GSA’s introduction to the U.S. market in 2021, and it’s an honor to continue to work with them as they expand their portfolio. This transaction was the culmination of several months of work spearheaded by GSA, Harrison Street and TSB working tirelessly through a dynamic last several months.”
The transaction includes three assets located near the University of Texas in Austin, Texas, as well as one property near the College of Charleston in Charleston, South Carolina, and one near Northern Arizona University in Flagstaff, Arizona. The three Austin properties—The Corner, Ruckus on Nueces and Ruckus on Rio—are situated in the popular West Campus Neighborhood and combined offer 175 units and 613 beds. Uncommon Flagstaff, which delivered in 2021, features 179 units and 587 beds. Sterling Campus, located directly next to College of Charleston in historic downtown Charleston, includes 194 units and 419 beds.
GSA is the global leader in real estate asset management within the student housing sector, with assets in nine different countries and 70 of the world’s leading educational cities. This transaction increases the company’s U.S. portfolio to 46 assets across 23 states.
MSREI is the global private real estate investment management business of Morgan Stanley. One of the most active property investors in the world for three decades, MSREI employs a patient, disciplined approach through global value-add/opportunistic and regional core real estate investment strategies. With 17 offices throughout the U.S., Europe and Asia, regional teams of dedicated real estate professionals combine a unique global perspective with local presence and significant transaction execution expertise. MSREI currently manages $57 billion of gross real estate assets worldwide on behalf of its clients.
Harrison Street is one of the leading investment management firms exclusively focused on alternative real assets. Since inception in 2005, the firm has created a series of differentiated investment solutions focused on demographic-driven, needs-based assets. The firm has invested across senior housing, student housing, healthcare delivery, life sciences and storage real estate as well as social and utility infrastructure. Headquartered in Chicago with offices in London, Toronto, San Francisco, Washington DC and New York City, the firm has more than 240 employees and approximately $53 billion in assets under management.
TSB Realty is a full-service, national investment sales firm specializing in the valuation and disposition of student housing communities and conventional multifamily communities. Since inception in 2014, the Paoli, Pennsylvania-based firm has closed nearly $7 billion in student housing sales for a diverse client base, encompassing more than 50,000 beds from tier 1 markets to tertiary markets.