CHICAGO, IL - Blue Vista Capital Management, a leading Chicago-based real estate investment firm, announced the formation of a new joint venture partnership with Koramco Asset Management, one of South Korea’s top real estate investment management firms, and a second South Korean institution, to invest in top-tier core student housing assets across the United States. Through the Partnership, Blue Vista completed the acquisition of Villas on Rio, a 856-bed property at the University of Texas at Austin, in addition to the recapitalization of Theory Syracuse, a 601-bed property at Syracuse University. These initial student housing investments represent approximately $250 million in total combined asset value.
Jason Schwartz, Blue Vista’s Managing Principal of Student Housing said, “Blue Vista is proud to be the partner of choice for two well-established Korean institutions. The properties at the University of Texas at Austin and Syracuse University highlight the type of premier student housing investments that this partnership will pursue, as well as our commitment to providing students with highly amenitized living accommodations. We look forward to cultivating a strong relationship going forward as we continue to execute on our strategy of investing in Class A assets at leading U.S. universities.”
Nick Lee, Vice President at Blue Vista also said, “This partnership is a testament to our team’s extensive real estate investment expertise and dedicated effort to developing meaningful cross-border relationships with international investors, especially in South Korea where we have made a long-term concerted effort. We are pleased with the support that we have received from leading South Korean investment institutions and look forward to working together to identify strategically-positioned core student housing properties across the U.S.”
KN Kim, Head of Overseas Real Estate Investment Team 1 at Koramco added, “We are thrilled to be partnering with Blue Vista to invest in this exciting sector. There is significant demand for investment into core U.S. student housing, and this strategic joint venture between Blue Vista and our Korean partner showcases the global momentum in the sector.”
The Partnership’s two initial investments are well-located, Class A student housing properties which leverage Blue Vista’s investment platform and vertical integration with affiliate PeakMade Real Estate, one of the largest student housing management and development companies in the U.S. Comprised of 245 units and 601 beds, Theory Syracuse is walking distance from Syracuse University’s main campus and nearby downtown amenities. The property was initially developed in 2018 by Blue Vista and Peak as part of its value-add student housing strategy. Comprised of 279 units and 856 beds, Villas on Rio is centered within the University of Texas’ highly popular West Campus. Villas on Rio offers top-tier amenities and is within walking distance of campus, restaurants, retail, and nightlife options, and just a short drive from downtown Austin.