"We feel that Varsity Place is a great addition to ourportfolio," Robert E. Clark, chief acquisitions officer forAtlanta-based Place Properties LLC, says in a press release. "Theasset is wonderfully located directly across the street from UTTyler and meets all of our investment criteria." He and otherrepresentatives from Place Properties did not return telephonecalls seeking comment on the acquisition. Based on Internetresearch, the complex was sold by Houston-based Asset Plus Cos. andmanaged by its affiliate, Asset Campus Housing Inc. The complex wasdeveloped as Emerald Ridge, renamed to Stone Ridge at UT-Tyler whenAsset Plus bought it early 2006 and has been renamed one more timewith latest sale.


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


Place Properties joined forces with Blue Vista CapitalManagement LLC of Chicago to form the Place/BV Student Housing FundLLC, a fund geared toward acquisition and development of studenthousing assets. In previous articles, Clark has said the fund islooking for student properties in markets with high barriers toentry.


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

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