"We feel that Varsity Place is a great addition to our portfolio," Robert E. Clark, chief acquisitions officer for Atlanta-based Place Properties LLC, says in a press release. "The asset is wonderfully located directly across the street from UT Tyler and meets all of our investment criteria." He and other representatives from Place Properties did not return telephone calls seeking comment on the acquisition. Based on Internet research, the complex was sold by Houston-based Asset Plus Cos. and managed by its affiliate, Asset Campus Housing Inc. The complex was developed as Emerald Ridge, renamed to Stone Ridge at UT-Tyler when Asset Plus bought it early 2006 and has been renamed one more time with latest sale.

The 27-building Varsity Place, positioned on 17 acres at 3400 Varsity Dr., is directly across the street from the university's campus. The mix consists of one- and two-bedroom apartments, with private bathrooms.

Place Properties joined forces with Blue Vista Capital Management LLC of Chicago to form the Place/BV Student Housing Fund LLC, a fund geared toward acquisition and development of student housing assets. In previous articles, Clark has said the fund is looking for student properties in markets with high barriers to entry.

Varsity Place is the fund's third investment in Texas. Ground has broken in College Station on the 196-unit phase two of 2818 Place for students at Texas A&M University. The first phase opens in July and the phase two will come on line in summer 2009. Also, the fund acquired Veranda Place in Edinburg, which is leased to students at the University of Texas-Pan American.