Vancouver-based QuadReal Property Group invested $600M in a joint venture with CA Student Living and GI Partners to acquire, develop and manage U.S. student housing properties.

The portfolio totals 10 properties developed and managed by CA Student Living spread across nine states. The deal gives QuadReal and GI, a private investment firm based in San Francisco, a strong entry point into the U.S. student housing market.

"Much of the student housing stock in the U.S. is aging and in need of repair or replacement, providing an opportunity to invest in long-term assets that provide an ongoing, dependable revenue stream and align with QuadReal’s desire for strong investment returns," QuadReal president Jonathan Dubois-Phillips said in a statement.

QuadReal is owned by bcIMC, one of the largest institutional investors in Canada, and manages an $18B real estate portfolio, while CA Student Living is based in Chicago and manages a 12,000-bed North American student housing portfolio.

To hear additional details about this deal and more from CA Student Living executive vice president of investments Brian Thompson, join us at Bisnow's Big East Coast Student Housing Event on June 29 in Philadelphia.