(Read more on the multifamily market.)

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ATLANTA-A joint venture of locally based Place Properties LP andChicago-based Blue Vista Capital Management LLC has investedanother $80 million in four student housing projects. Theinvestments were the most recent ones made under the Place/BVStudent Housing Fund LLC, which is managed jointly by the twocompanies.

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The properties, all of which are scheduled to open in July 2008,include Bryant Place at the University of Central Oklahoma, ColemanPlace at the University of Arkansas-Little Rock, Vista Place atArkansas Tech University and Hill Country Place at the Universityof Texas-San Antonio. "We have been very fortunate to be successfulat acquiring superlative locations for new student housingdevelopments at these four schools which have a tremendous demandfor new housing," Place Properties national development partnerBrent Little says in a prepared statement.

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Place Properties chief acquisitions officer Bob Clark tellsGlobeSt.com that the company looks for student housing propertiesin high-growth areas where there are significant barriers to entryor limited competition for student housing. "All of the propertieshad one, if not all, of these characteristics," Clark says.

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Bryant Place is the fund's first investment in Oklahoma. Valuedat more than $17 million, it consists of 108 units with 432 beds.It include a clubhouse with on-site management, activity room,gaming center, computer lab, tanning beds, grilling stations, sandvolleyball, swimming pool and carports.

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Coleman Place is valued at more than $18 million and consists of132 units with 420 beds. It features one-bedroom, one-bathroomunits; two-bedroom, two-bathroom units and four-bedroom,four-bathroom units.

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Valued at more than $17 million, Vista Place is the fund'ssecond development in Arkansas. It includes 108 units with 432 bedsin a gated community with a clubhouse, gaming center, activityroom, fitness center, among other amenities.

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Hill Country Place is valued at more than $28 million and offersa variety of one-, two- and four-bedroom units with amenitiesincluding a clubhouse, gaming center, activity room, fitnesscenter, basketball court, and others.

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So far, 14 properties with an aggregate value of approximately$300 million have been acquired under the fund. This representsabout 25% to 30% of the fund, Clark says. In August, it added threeproperties worth $61 million. In Aprilthe companies added $75 million tobring its $205-million fund to $280 million, pushing its buyingpower to at least $925 million, as GlobeSt.com previouslyreported.

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