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Blackstone Adds to Bet on Student Housing With $13 Billion Deal

  • Alternative asset manager to buy American Campus Communities
  • Blackstone has added suburban homes, apartment complexes
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Blackstone Inc. is betting big on U.S. property with a deal to buy student-housing operator American Campus Communities Inc. for $12.8 billion. 

The all-cash transaction is the largest student-housing deal by the Blackstone Real Estate Income Trust. Known as BREIT for short, the $97 billion fund last year invested in the industry through a $784 million joint venture with Landmark Properties.