ATLANTA-A joint venture of locally based Place Properties LP and Chicago-based Blue Vista Capital Management LLC has invested $61 million in three student housing projects. The investments were made under the Place/BV Student Housing Fund LLC, which is managed jointly by the two companies.

The properties, all of which are scheduled to open in July 2008, include the first phase of 2818 Place, which serves Texas A & M University; Veranda Place, which serves the University of Texas-Pan American and Huntsville Place, which serves the University of Alabama-Huntsville.

Place Properties executive vice president of national development Brent Little tells GlobeSt.com that the projects are located in high-demand, high-growth markets and met targets rent, occupancy-level and return projections. "We look for projects in high barrier-to-entry markets or in locations that are in close proximity to a university," he says.

The first phase of 2818 Place is valued at $28 million and will include 196 units with 628 beds. It will include a clubhouse, activity room, gaming center, computer lab, tanning beds and other amenities. The second phase, valued at more than $30 million, will include more than 600 beds and is scheduled to open in July 2009.

Veranda Place, valued at more than $18 million, will consist of four-bedroom, four-bathroom units with 144 units with 576 beds. Located across from the university's baseball stadium and next to the student center, it will include a clubhouse, swimming pool and computer lab.

Huntsville Place, valued at more than $14 million, is the fund's first development in Alabama. It will include 84 units with 336 beds and amenities, including a clubhouse, gaming center and swimming pool.

In April the companies added $75 million to brought its $205-million fund to $280 million, pushing its buying power to at least $925 million, as GlobeSt.com previously reported.