Happy Friday {{first_name}},
I’m inspired by yet another F6 Partners closing on an impressive student housing portfolio at a Power 4 university.
Congrats Marcus, Abram and the F6 team!
The Stillwater Portfolio at Oklahoma State University is a 300+ bed student housing portfolio located just 0.1 miles from campus.
I’m grateful to brush shoulders with top tier operators like F6.
They are calculated, investor-first, and opportunistic.
What does that even mean?
For starters, this acquisition is part of the F6 Student Housing Fund, which is a value-add strategy targeting Power 4 universities with growing enrollment and constrained supply.
Additionally, F6 operates in arguably the trickiest markets of 2026 and is still able to reach fund targets of:
18% net LP IRR | 8%+ cash yield | 2.2x MOIC.
Why [Power 4 University] Student Housing Makes Sense
Supply is genuinely constrained at the good campuses, and that's the whole game. The current data is brutally split.
Supply-constrained flagships (Alabama, Missouri, Penn State) are preleasing 87-93% with positive rent growth (+3% to +7%), several with zero beds under construction.
You get paid a premium for it. Student housing traded around a 6.1% cap in 2025, compressed from 6.35% a year earlier, which is roughly 50-plus bps over comparable class-A multifamily (treat that spread as directional, not precise). The institutional validation is already there: Blackstone took American Campus Communities private for about $13B in 2022, and 2025 sector volume hit $8.78B, up roughly 48% off the trough. You're neither early nor alone, which helps your exit.
This isn't a sector bet, it's a site bet
How F6 Partners is Carefully Considering Lower-Risk Investments
As simple and as cliché as this may sound, the most successful sponsors are usually the ones who understand the asset more than anyone else.
It’s a company obsession.
Acquisitions and underwriting teams develop their own tools to cut time and waste during the selection and due diligence process…and they NEVER settle.
If the opportunity is even a hair off of ideal, it’s a no-go.
That’s discipline.
That’s F6.
If you're interested in learning more about the Student Housing Fund, feel free to reply to this email or book a call with me.
Have a great weekend,
Andrew LeBaron
P.S. If you'd like to build a newsletter like this one to attract and raise capital, book a call with me here.
Target returns are projections only and not a guarantee of future results. Actual results may differ materially. This is not an offer to sell securities. For accredited investors only.