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Blue Vista closes $445m fund

The Chicago-based firm closed its fourth value-add fund above target.

The firm closed Blue Vista Real Estate Partners (BVREP) IV earlier this month on $445.1 million, exceeding its $400 million target, according to an announcement from the firm. Blue Vista held a first close for the fund on October 7, 2014, said Fara Cardelli, the firm’s marketing associate. The firm, which plans to deploy the capital across property types in the US, closed the predecessor vehicle in June 2013 on $172.8 million, according to a filing with the US Securities and Exchange Commission.

Blue Vista garnered commitments from institutional investors, including insurance companies, pension funds, endowments and foundations and wealth management firms, with about 50 percent of the investors re-upping for the latest vehicle, Cardelli told PERE. State Universities Retirement System of Illinois committed $35 million to the fund, according to PERE Research & Analytics.

Through a separate investment strategy, Blue Vista, which has over $6.1 billion in assets under management, is also the second-largest private owner/operator of US student housing. The firm has raised $70 million for its latest student housing vehicle, Blue Vista Student Housing Select Strategies Fund, with a $250 million target, according to media reports. Since 2003, the firm has acquired or developed over $2 billion in student housing properties across 48 campuses in the US, according to a statement.

Blue Vista’s latest publicly-disclosed transaction was the joint venture purchase of Haven at Westgreen, a three-story apartment building in Katy, Texas. The firm bought the property in January with local developer CAF Capital Partners for an undisclosed price, according to real estate data provider Real Capital Analytics.