BC's Quadreal Property Group acquires major student housing company

The Link Minneapolis student housing building serving the University of Minneapolis. (Article Student Living)

One of the largest real estate development and investment firms in British Columbia has acquired a major student housing business in the United States.

On Wednesday, Quadreal Property Group announced it has acquired CA Student Living, the student housing division of Chicago-based CA Ventures.

Under Quadreal’s new ownership, the division is now known as Article Student Living. The company says the acquisition supports its long-term investment strategy, with student housing being a sector that “continues to have a high conviction.”

The Vancouver-based firm has been a partner of CA Student Living since 2017, and it has held an indirect passive stake in the division since September 2020.

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“We are thrilled to launch Article Student Living, which represents a key part of QuadReal’s long-term investment strategy in the US. Article’s 500 employees are passionate about elevating student living and delivering operational excellence, and we will continue to build on their existing momentum and commitment to bring a best-in-class experience to our residents and partners,” said Dennis Lopez, CEO of QuadReal Property Group, in a statement.

Article Student Living oversees the entire operation and management of student housing properties, including marketing and leasing.

According to its website, the firm currently oversees 25,000 beds across 38 university markets in the United States, typically at off-campus locations in close proximity to campuses.

Some of the prominent university markets it serves include University of Washington, Washington State University, University of California, Yale University, University of Texas, Penn State University, Ohio State University, University of Georgia, University of Minnesota, Colorado State University, University of Illinois, University of Florida, Florida Atlantic University, University of Alabama, University of Pittsburgh, and University of Kansas.

“We have witnessed firsthand QuadReal’s unwavering commitment to the success of our team since we first partnered,” said Thierry Keable, president of Article Student Living.

“Today marks an important milestone in our journey together. Our new brand represents our commitment to deliver quality and strong performance. At Article Student Living, we strive to offer students more than a place to stay. We build and provide vibrant hubs of learning and connection.”

Quadreal is wholly owned by British Columbia Investment Corporation (BCI), which oversees BC’s public sector pension plans. Quadreal oversees and maximizes BCI’s real estate investments.

Ever since it was established in 2016, Quadreal has quickly ramped up its portfolio across Canada, with some of its most prominent properties being The Post (Amazon office) redevelopment and the Oakridge Park (Oakridge Centre mall redevelopment) in Vancouver, as well as Capilano Mall in North Vancouver, and Willowbrook Shopping Centre in Langley.

Quadreal has not indicated whether it will expand Article Student Living’s operations into Canada, particularly in its home market of Metro Vancouver, where rental housing options are in high demand.

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