The client
Condor Properties is a family owned student landlord, built up since 2009 by a family office in the aftermath of the financial crisis. By 2025 it owned 197 student houses, 997 beds, across Aberystwyth, Cardiff, Exeter, Liverpool, Loughborough and Swansea, run by its own letting and maintenance teams.
The situation
The owners received an unsolicited approach. There was no family succession in place for a portfolio of that size, and the Renters Rights Act was about to change how student houses are let. They decided the time was right for a discreet, carefully managed sale, and asked us to run it.
What we did
We scoped the market, identified the buyers able to move quickly on a portfolio of individual houses rather than purpose built blocks, and kept the process tight. Throughout, the aim was a clean outcome for the family and continuity for tenants and staff.
The outcome
The portfolio and its operating platform were acquired by a joint venture of Brookfield Asset Management and Student Homes Management, a UK co living investor with over 2,000 beds under management. It was Brookfield's first move into UK student HMO housing and one of the largest student HMO sales in recent years. Terms are undisclosed.
What the owner said
"James and his team got the job done in a matter of a few short months, with an outcome that was good for all parties." Mark Blandford, Owner and Chairman, Condor Properties.
Why it matters to other owners
Institutional capital is now buying student HMO portfolios that were once only sold house by house. Owners who prepare properly can choose between selling the whole portfolio, selling parts to different buyers, or bringing in a partner.
If you own a student or HMO portfolio and would like a free, informal view of its value, call James Innes on 020 7850 4760 or email james.innes@chrystalcapital.com.