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lackstone secured a $1 billion refinancing deal for part of its student housing portfolio acquired in 2022, which includes multiple properties in Texas. The five-year loan will cover $809.8 million of debt, closing costs, and return $115.3 million to the sponsor, according to Morningstar Credit. Backed by 32 student housing properties with 18,502 beds across 19 universities, including Texas Tech University and Texas A&M University, the portfolio has seen a slight decline in occupancy from 95.8% to 93.5%. However, average rent per occupied bed increased almost 14%, from $664 to $755 over the last two years.

    The student housing properties are part of a larger portfolio owned by American Campus Communities, which Blackstone acquired for $12.8 billion two years ago. Despite high interest rates affecting other markets, student housing has remained resilient due to a shortage of available beds. This is evident in the enrollment ratio at top universities, where schools are enrolling 1.34 students per bed on average, with Texas Tech and Texas A&M experiencing ratios of 1.46 and 1.23 respectively.