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One of the largest investment firms in the world is betting big—nearly $13 billion—that interest in attending residential colleges and universities isn’t fading anytime soon.

Blackstone on Tuesday confirmed a Wall Street Journal report that it would spend $12.8 billion to buy American Campus Communities, among the largest owners of student housing on and off campus. American Campus says it has more than 200 residential communities on and near about 100 college and university campuses.

The Journal quoted Nadeem Meghji, a Blackstone official, as describing student housing as relatively recession-proof.

“We think student housing is a compelling sector because it’s performed through cycles and has been really quite resilient over time,” Meghji told the Journal.