Press Release

Haynes and Boone Represents Client in Sale of U.S. Student-Housing Portfolio

January 15, 2021

Haynes and Boone acted as lead counsel on behalf of UCAL, a fund owned by University Communities, LLC and the California State Teachers Retirement Fund (CalSTRS) in connection with the sale of a portfolio of 27 student apartment projects in 19 cities covering 18 states.

The sale was to Global Student Accommodation Group, which owns and operates purpose-built student accommodation outside of the U.S. The purchase is GSA’s entry into the U.S. market. All properties in the portfolio are situated in prime locations next to major universities and research institutions.

The transaction includes the sale of a related property management company, as well as a going-forward arrangement by GSA with University Communities to acquire and develop future student housing properties in the U.S.

Haynes and Boone Partner Frank Ruttenberg led a multi-office team that completed the closing for client UCAL, one of the industry leaders in student housing. The San Antonio team included Associate Abby Johanson, Partner George Hinchey and Counsel Elizabeth Breazeale, along with a supporting team of lawyers from Denver, Dallas and Austin, including Partner Dan Malone, Associate Sarah Perot, Partner Susan Wetzel, and Associates Joe Slochowsky, Ian Schwartz, Roxanne Micca, Ryan Gura, Stephanie Chung and Tom Carroll.

Blackstone Real Estate Debt Strategies led the loan origination for the transaction, with Wells Fargo Bank, N.A. agenting the senior loan. The transaction and debt financing were brokered by TSB Capital Advisors.

Haynes and Boone’s Real Estate Practice Group advises developers, investment managers, private equity funds, operators, joint ventures, international investments, private owners and lenders in a full range of real estate services, including portfolio acquisitions and dispositions, matters relating to commercial leasing, joint ventures, investment fund formation, operating company investments, natural resource acquisition sales and leasing, debt and commercial lease restructuring, financing, construction environmental law and real estate litigation.

Haynes and Boone is an international corporate law firm with offices in Texas, New York, California, Charlotte, Chicago, Denver, Washington, D.C., London, Mexico City and Shanghai, providing a full spectrum of legal services in energy, technology, financial services and private equity. With more than 575 lawyers, Haynes and Boone is ranked among the largest U.S.-based firms by The National Law Journal, The American Lawyer and The Lawyer. It also was recognized across the board for excellence in the BTI Consulting Group’s 2020 “A-Team” report, which identifies the law firms that in-house counsel commend for providing superior client service.

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