Chicago-based Blue Vista Capital Management and Atlanta, Georgia-based Place Properties are continuing to target the US student housing real estate market with its $280 million investment vehicle, Place/BV Student Housing Fund.
The fund, which focuses on the acquisition and development of off-campus student housing, was closed in early 2007, JD Goering, acquisitions associate at Blue Vista, told PERE. The vehicle invests on behalf of institutional investors.
The JV’s latest deals, totaling $47 million, comprised St. Joe Place at Indiana University-Purdue University Fort Wayne, located in Fort Wayne, Indiana, and Spring Place at the University of North Carolina in Greensboro, North Carolina.Â
The St. Joe Place property is expected to house 432 students in 144 two- and four-bedroom apartments, with amenities including a clubhouse and swimming pool. The Spring Place property will house 576 beds in two bedroom/two bathroom flats, four bedroom/four bathroom apartments and four bedroom/four bathroom townhomes. Amenities are to include a clubhouse, computer lab, fitness centre, swimming pool and basketball and volleyball courts.Â
Both properties are expected to open in the summer of 2009.
Blue Vista Capital Management has more than $550 million in capital under management. The firm co-invests with investors and developers across property sectors in the US and international markets.
Place Properties has developed more than $800 million of student housing properties since 1996.
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