The Place/BV Student Housing Fund, LLC, a real estate investment fund focused on the acquisition and development of student housing properties nationwide, announced its two most recent investments currently valued at over $35 million. These two deals represent the Fund's 5th and 6th student housing acquisitions. BVP Managers, LLC, a joint venture between Atlanta, Georgia-based Place Properties, LP and Chicago, Illinois-based Blue Vista Capital Management, LLC, serves as the Manager of the Fund.
The Tailor Lofts, located at 847 West Jackson Blvd., is the Fund's first adaptive re-use student housing project is located in the heart of downtown Chicago two blocks from the University of Illinois - Chicago. The 10-story mixed-use project will include 144 hip urban lofts, with 10,000 square feet of targeted retail, with a 6,800 square foot oasis of cool common space plus parking. The total cost to complete the project, ready for occupancy in the fall of 2009, including the $16 million acquisition price, is approximately $57 million.
Brent Little, National Development Partner for Place Properties said, "Chicago is certainly a world-class city with some of the finest colleges and universities in the country. Place and Blue Vista are excited to have the opportunity to redevelop one of the city's classic architectural structures into student housing and retail uses commensurate with the educational and cultural opportunities afforded."
901 Place, located in Charlotte, serving the students of University of North Carolina, is a popular student community built in 2000. Valued at over $19 million, 901 Place consists of 158 units/576 beds, and offers desirable 2 and 4 bedroom apartments all with private baths. The property offers a complete suite of amenities including a resort-style pool with hot tub, a tanning bed, fitness center, computer lab, game room with pool tables, online gaming room, and lighted tennis and basketball courts.
Bob Clark, Chief Acquisition Officer for Place Properties, said, "We are very excited about the acquisition of 901 Place. The asset meets our stringent investment criterion of a high barrier, high growth market."
Blue Vista Capital Management, LLC is a leading national real estate investment management firm with in excess of $550 million in capital under management. Blue Vista has participated in joint ventures representing over $1.5 billion in total capitalization.
Place Properties, LP, has over 14 developments in various stages of construction nationwide making it one of the largest multifamily development and construction organizations in the country. Place Properties has developed more than $525 million of student housing properties since 1996 and currently manages more than 24,500 beds.
Source: PRnewsWire.com