SFO Group (“SFO”) announces the acquisition of Latitude Apartments (“Latitude”), a brand-new 524-bed student housing asset, increasing the total number of beds in its student housing portfolio to approximately 3,000.
Latitude is the closest off-campus student housing property to the University of Illinois (“UI”), a highly ranked establishment, member of the Power 5 athletic conference, with a nation wide top-ten engineering program. UI is attracting an increasingly large pool of students every year, with enrollment reaching a record 51,000 students in 2019 and projected to grow by 15% by 2024.
Commenting on the transaction, Mohamad Abouchalbak, CEO of SFO, said: “Latitude marks our fifth US student housing acquisition, as we still favor the sector for its defensive characteristics and attractive risk-adjusted returns. We continue to find compelling opportunities across the student housing space in the USA but remain highly selective by exclusively focusing on assets acquired at a discount to replacement costs, catering to top state universities benefitting from strong enrollment trends and favorable supply dynamics.”
About SFO Group
SFO Group (“SFO”) is a London-based multi-family office and an active global real estate investor, with presence in Paris, Miami and Beirut. As of January 2020, SFO has acquired and is managing a diversified portfolio of real estate comprising of more than USD1.2 billion in assets located primarily in the USA and Europe. Through its operations, SFO has earned a reputation for successfully identifying, acquiring and managing high-quality assets that generate superior risk-adjusted returns. SFO has been named Real Estate Investment Firm of the Year at the Global Investor MENA awards and Best Real Estate Investment Company by World Finance for two consecutive years, 2018 and 2019. SFO has also been recognized as Best Real Estate Investment Team (Middle East) by CFI in 2019. In addition to real estate investments, SFO advises its ultra-high-net-worth member families on optimal asset allocation strategies and monitors the deployment of their wealth. SFO is a member of Saradar Capital Holding, a diversified family conglomerate with a 70-year-old history of building excellence across different sectors and geographies.