Alignvest Student Housing announced it has launched Academic Assets, a real estate development vehicle focusing on purpose-built student accommodation (PBSA).
The subsidiary will be led by Patrick Miksa, who will build on his experience as a pioneer in the asset class within the Canadian market. Prior to launching Academic Assets, Patrick led the academic portfolio at Knightstone Capital Management Inc., which developed one of Canada’s largest PBSA portfolios.
“I am truly excited to be able to partner with ASH,” he said. “The portfolio of high quality projects acquired and managed by ASH on behalf of Canadian Student Living Group Limited Partnership and Alignvest Student Housing Real Estate Investment Trust to date is impressive and speaks to the team’s ability to be a leader in the Canadian PBSA market and execute on strategic initiatives.”
Although new development and strategic alliances with higher education institutions will be its core focus, Academic Assets will also consider redevelopment, repositioning, and partnerships with landowners in close proximity to campuses. With fiscal constraints and challenges facing some higher educational institutions, the group says the timing is right to launch a real estate vehicle that will assist these institutions in delivering on their core mandate of providing a superior education experience.
“Patrick is a leader in the Canadian student housing sector,” said Sanjil Shah, Managing Partner of ASH. “The opportunity to partner with Patrick to launch our development vehicle is an important milestone in our evolution as we seek to become the leading PBSA provider across Canada.”
With various development opportunities already being explored, Academic Assets will seek to continue to be a leader within this historically stable asset class that has demonstrated its resiliency through the COVID-19 pandemic.
“Learning today is not confined to the classroom, as we have seen over the past year,” Miksa said. “There is a necessity to create educentric spaces that ensures students have all the tools to succeed no matter their surroundings. Our goal is to be progressive and we aim to ensure Canadian higher education programs are viewed domestically and globally as something to be sought after and experienced. Our developments will assist in delivering on these objectives.”
Visit www.alignveststudenthousing.com for more information.