One property acquired was the Tailor Lofts at 847 West JacksonBlvd. in Chicago. Located two blocks from the University ofIllinois-Chicago, the 10-story building is an adaptive re-useproject which will include 144 urban lofts, 10,000 sf of retailspace and 6,800 sf of common space with parking. Including theacquisition price of $16 million, the total cost to complete theproject, expected to be ready for occupancy in fall 2009, is $57million.

"Place and Blue Vista are excited to have the opportunity toredevelop one of the city's class architectural structures intostudent housing and retail uses commensurate with the educationaland cultural opportunities afforded," Place Properties nationaldevelopment partner Brent Little says in a released statement.

The second property acquired was the 901 Place in Charlotte,which serves students at the University of North Carolina and isvalued at more than $19 million. Built in 2000, the propertyconsists of 158 units and 576 beds in two- and four-bedroomapartments. Amenities include a resort-style pool with hot tub, atanning bed, fitness center, computer lab, game room with pooltables, online gaming room and lighted tennis and basketballcourts. "901 Place meets our stringent investment criterion of ahigh-barrier, high-growth market," Place Properties chiefacquisition officer Bob Clark says in a prepared statement.