U.S. Secretary of Transportation Pete Buttigieg and officials from across the nation attended a groundbreaking ceremony for the Pier B On-Dock Rail Support Facility, a $1.567-billion project that will double the footprint of the Port of Long Beach’s existing rail yard from 82 acres to 171 acres. 

Pier B will be built in phases, with construction scheduled for completion by 2032. The project will more than triple the Port’s capacity for on-dock rail to 4.7 million twenty-foot equivalent units per year, reducing emissions and stress on the local and regional road network, according to the Port.

“The Pier B On-Dock Rail Support Facility will add 130,000 feet of new tracks, build 36 new support tracks and more than double the number of trains leaving the Port to 17 per day,” said Port of Long Beach CEO Mario Cordero. “These improvements will benefit the entire U.S. supply chain and get us closer to the operational and environmental transformation into a zero-emissions port.”

KKR and Blackstone Real Estate Income Trust said Thursday that KKR-managed funds would acquire a portfolio of 19 purpose-built student housing properties from BREIT for approximately $1.64 billion. BREIT acquired the portfolio in 2018 for $1.2 billion in a joint venture with Greystar Real Estate Partners.

Spanning more than 10,000 beds, the properties are anchored to 14 leading four-year public universities across 10 states. The majority are located with easy pedestrian access to campus.

Post-closing, the portfolio will be managed by KKR’s University Partners affiliate. “Student housing is a sector that we have long-term conviction in,” said Justin Pattner, partner at KKR and head of real estate equity in the Americas. “We are pleased to be working with Blackstone to complete this transaction which will add a diverse mix of high-quality properties to our portfolio.

“The operating capabilities we have built with University Partners over the past decade and our ability to transact at scale, position us to create value for our investors and to continue investing in great living experiences across these communities,” he continued. “We are deploying into what we view as a compelling market environment to purchase quality real estate.”

Blackstone remains the largest owner of student housing in the U.S., primarily through its 2022 acquisition of American Campus Communities for $12.8 billion.

Gibson, Dunn & Crutcher LLP served as legal advisor to KKR. TSB Capital Advisors and J.P. Morgan Securities LLC served as BREIT’s financial advisors. Simpson Thacher & Bartlett LLP served as BREIT’s legal advisor.