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NEW YORK / LONDON — November 12, 2025
- MSREI and GSA partnership secures one of the largest student housing transactions globally this year, aligning with the partnership’s growth strategy in the United States.
- A unique off-market portfolio acquisition consisting of 6,200 beds across eight assets near top-ranking universities.
- Strengthens the partnership’s market position in the United States, now with a portfolio of 50 properties across 23 states and nearly 24,000 beds.
- Yugo appointed as manager – adding value through operational scale, expertise and unparalleled student experiences.
Morgan Stanley Investment Management, through investment funds managed by Morgan Stanley Real Estate Investing (“MSREI”), and Global Student Accommodation (“GSA”), the global leader in student housing, have completed the acquisition of a portfolio of eight student housing assets in Tier 1 U.S. university markets from a joint venture between a wholly owned subsidiary of Abu Dhabi Investment Authority (“ADIA”) and Landmark Properties (“Landmark”). This transaction is valued at more than $1 billion.
This unique opportunity was off-market and is one of the year’s largest single transactions in the sector in the U.S. and globally. It is a strategic move for the MSREI and GSA partnership, to further curate a diverse portfolio of high-quality assets across the United States, the world’s largest student university market with 20 million students.
The acquired assets are located in prime university cities across seven states and cater to students at top ranked universities including, the University of Virginia, University of Florida, Texas A&M, and Penn State University. The quality of the assets and their proximity to campus is unrivalled and is reflected in nearly 100% occupancy across the 6,200-bed portfolio.
The acquisition also marks the MSREI and GSA partnership entering new markets in Virginia, Georgia, and Pennsylvania, while significantly expanding its presence in established markets such as Texas, Florida, Oregon, and North Carolina. Through its partnership MSREI’s and GSA’s U.S. portfolio now extends to 50 properties across 36 cities in 23 states and nearly 24,000 beds.
Nicholas Porter, Chief Executive Officer at The Dot Group, commented:
"GSA, as part of the Dot Group, further expands its market position with its partner Morgan Stanley Real Estate Investing (“MSREI”), representing another pivotal step forward in its U.S. strategy.
This acquisition is testament to the depth of our global teams, our access to unique opportunities and the strength of our institutional relationships in the United States and globally. An off-market portfolio of this size and quality is rare and demonstrates our experience and expertise in the student housing market.
Yugo, the leading U.S. and global student housing operator, will manage and rebrand the newly acquired assets, creating further scale and operational excellence with enhanced student experiences across the portfolio.”
Will Milam, Head of U.S. Investments at Morgan Stanley Real Estate Investing commented:
“This student housing portfolio fully aligns with our strategy to acquire high-quality, resilient assets in prime locations. We are pleased to partner with GSA to strengthen our market position to capture the ongoing demand for student housing in some of the country’s top university markets.”
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About Global Student Accommodation
Global Student Accommodation (GSA) is a leader in real estate asset management within the student housing sector. GSA has an unrivalled international presence, which stretches across 11 countries with assets in over 80 of the world’s leading educational cities. It manages $8 billion of AUM and has flagship offices in New York and London.
GSA is part of The Dot Group (“Dot”), the global leader in student living. Dot invests, develops, owns, manages and digitally connects students world-wide and is here to shape a better future for students. Since creating a new vision for student living over 35 years ago, Dot has been continuously evolving through its pioneering, purposeful and positive approach.
For further information please visit: www.gsagroup.com
About Morgan Stanley Real Estate Investing
Morgan Stanley Real Estate Investing (MSREI) is the global private real estate investment management business of Morgan Stanley. One of the most active property investors in the world for over three decades, MSREI employs a patient, disciplined approach through global value-add / opportunistic and regional core / core-plus 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 $54 billion of gross real estate assets worldwide on behalf of its clients.
About Morgan Stanley Investment Management
Morgan Stanley Investment Management, together with its investment advisory affiliates, has approximately 1,400 investment professionals around the world and $1.9 trillion in assets under management or supervision as of September 30, 2025. Morgan Stanley Investment Management strives to provide strong long-term investment performance, outstanding service, and a comprehensive suite of investment management solutions to a diverse client base, which includes governments, institutions, corporations and individuals worldwide.
For further information about Morgan Stanley Investment Management, please visit www.morganstanley.com/im.
About Yugo
Yugo is the first global student housing brand and operator redefining student living on a global scale and bringing next-level experiences to student life and beyond. We’re not just about housing — we’re about creating vibrant, sustainable, and supportive spaces where students can thrive.
Yugo’s leading management approach draws on over 30 years of experience to efficiently operate student spaces at scale, expand into new markets, and create value for our partners through enhanced student experiences. Yugo forms part of The Dot Group and includes over 280 student living spaces in 14 countries, and has nearly 160,000 students calling Yugo home in 2025 in more than 120 of the world’s top educational cities.
For further information please visit: www.yugo.com
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