Growing investor demand for Australian student accommodation has driven the off-market sale of the Boston University Sydney Academic Centre (BUSAC) in Chippendale, with The Living Co acquiring the strategically located asset for $72.5 million following a targeted sale strategy.
Located at 15-25 Regent Street, the eight-storey accommodation facility comprises 165 beds across a mix of three and four-bedroom cluster apartments and has served as the Sydney home of Boston University’s internationally recognised Study Abroad Program since 2011.
The transaction was negotiated by Knight Frank’s Tim Holtsbaum and Luke Shackleton on behalf of vendor TJAC.
Positioned in the heart of Chippendale, one of Australia’s most established and tightly-held higher education precincts, the property is located 300m from Central Station and within walking distance of the University of Sydney, the University of Technology Sydney and the University of Notre Dame.
Designed to support international students, the facility includes a rooftop terrace, communal kitchen, library, lecture theatres, laundry facilities, management accommodation and secure bicycle parking.
For more than a decade, the facility has served as the Sydney base for Boston University’s internationally recognised Study Abroad Program, accommodating generations of students undertaking overseas study in Australia.
The sale equates to approximately $440,000 per bed and highlights continued investment appetite for Australia’s student accommodation market, which has attracted both domestic and international capital in recent years. In 2026, the sector has recorded approximately $1.2 billion in transaction volume across five major deals.
Founder and Joint CEO of The Living Co Stephen Gaitanos said the acquisition represented a rare opportunity to acquire an existing asset in a tightly-held student living precinct with upside through strategic capital improvements.
“We plan to undertake a refurbishment of the building including refreshing the accommodation and communal spaces, and activating the ground floor with retail tenancies,” he said.
“Once completed, we will offer these rooms to the open market under our market-leading Scape brand, bringing our PBSA beds under ownership and management to over 5,000, helping fill a significant shortage of high-quality accommodation across inner Sydney.”
Mr Holtsbaum said the sale highlighted the strong appetite from investors for high-quality student accommodation assets underpinned by secure income and favourable sector fundamentals.
“The sale represents an outstanding result and demonstrates the depth of investor demand for PBSA assets within Sydney’s tightly-held university corridor,” he said.
“Investors are increasingly targeting the student accommodation sector due to its strong fundamentals, including ongoing student population growth, chronic accommodation undersupply and the prospect of attractive risk-adjusted returns.
“Recent transactions continue to demonstrate that stabilised PBSA assets remain a key target for investors looking to enter or strengthen their position in the Australian market.”
Mr Shackleton said the property’s location, asset management potential and tenant covenant were key factors behind the strong buyer interest.
“BUSAC is an exceptionally well-located asset within one of Australia’s most significant education precincts, providing immediate access to major universities, transport infrastructure and lifestyle amenity,” he said.
“The building has a long and successful operating history, having been occupied by Boston University for more than a decade as part of its Sydney Study Abroad Program.
“The combination of secure income profile, future value add potential and proximity to Sydney’s major tertiary institutions made this a highly compelling investment opportunity.
“With the Australian student accommodation sector continuing to experience strong occupancy levels and rental growth, we expect investor demand for quality PBSA assets to remain robust.”
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