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PEMBROKE, NC-Place Properties and Blue Vista Capital Management mark the closing of $205 million of their $250-million joint fund with the first investment, Pembroke Place. The private real estate equity fund targets the acquisition and development of student housing.

Pembroke Place will be an 83-unit student housing community with 336 beds at the University of North Carolina at Pembroke. An affiliate of Place Properties is slated to complete the development in July 2007, with students expected to move in for the fall semester.

Place Properties, of Atlanta, and Blue Vista Capital, of Chicago, invested in the fund along with two large institutional investors. The fund is the largest commingled fund established solely for student housing, according to a release from the joint venture partners.