KKR and Blackstone Real Estate Income Trust, or BREIT, announced a definitive agreement for funds managed by KKR to acquire a portfolio of 19 purpose-built student housing properties from BREIT for approximately $1.64B. The over 10,000-bed portfolio is comprised of 19 purpose-built, premium student housing assets anchored to 14 four-year public universities across 10 states. The communities feature a wide range of amenities and the majority are located with pedestrian access to campus. BREIT acquired this portfolio in 2018 in a joint venture with Greystar Real Estate Partners. Upon closing of the transaction, the portfolio will be managed by University Partners, an owner and operator of student housing across the U.S. KKR launched University Partners in 2016 with a team of industry veterans as part of its strategy of creating vertically-integrated platforms to build scaled exposures to attractive real estate sectors. Inclusive of the pending acquisition, University Partners will own and manage over 25,000 beds, representing nearly $4B of property value owned by KKR and other investors. The transaction is expected to close by the third quarter of 2024, subject to customary closing conditions. KKR is making its investment in this portfolio primarily from its KKR Real Estate Partners Americas III fund.