On Wednesday, Vancouver-based QuadReal Property Group announced that it has acquired Chicago-based CA Student Living and rebranded the business as Article Student Living.
QuadReal is the real estate arm of the British Columbia Investment Management Corporation (BCI), which manages a $73.8B portfolio of investments for BC's public sector, while Article Student Living provides investment, development, and property management services with a focus on student housing across the United States.
According to the company's website, Article Student Living's portfolio includes buildings on the campuses of Michigan State University, the University of Florida, UC Berkeley, the University of Texas, Northwestern University, the University of Washington, and many more.
Each student residence comes with "its own unique charm and modern amenities," offers a "comfortable and vibrant environment tailored to the location," and is designed "to provide the ultimate college experience," the company says.
Article says it has residential buildings in 38 university markets, with a total portfolio of 25,000 beds.
The Landmark on Grand River at Michigan State University.(Article Student Living)
QuadReal says it first invested in Article Student Living — then CA Student Living — in 2017, and has held "an indirect passive stake" in its business since September 2020.
"We are thrilled to launch Article Student Living, which represents a key part of QuadReal's long-term investment strategy in the US," said QuadReal CEO Dennis Lopez. "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."
Article Student Living does not currently own any properties in Canada, according to its website, and QuadReal did not indicate whether Article's operations would eventually move into Canada, only saying that "the full acquisition will enable QuadReal to combine capabilities, resources, and best practices" with Article.
"We have witnessed firsthand QuadReal's unwavering commitment to the success of our team since we first partnered," said Article Student Living President Thierry Keable. "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."
