Blue Vista Capital Management has acquired two properties for its student housing fund in a deal worth $64 million.
The Chicago-based private equity real estate firm said in a statement it had bought the properties, which serve the University of Arkansas and University of Nevada, Las Vegas (UNLV), for its $280 million Place/BV Student Housing Fund. The vehicle is a joint venture between Blue Vista and student housing developer Place Properties.
The buildings, Hill Place at the University of Arkansas at Fayetteville and Rebel Place at UNLV, will house 1,320 students in one, two, three and four bedroom apartments.
The firm said in a statement the properties were in markets with high barriers to entry. Blue Vista has more than $550 million in capital under management. Place Properties has developed more than $800 million of student housing properties since 1996 and currently manages more than 17,000 beds.
The Place/BV Student Housing Fund targets properties and development near universities with more than 5,000 students, which are leased “by-the-bed” and typically have a ratio of one bedroom to one bathroom.