X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

ATLANTA-Locally based Place Properties and Chicago-based Blue Vista Capital Management LLC say they are allocating part of their Place/BV Student Housing Fund for the purchase of distressed student housing. Properties will include those either in bank foreclosure or the distressed and pre-distressed stages.

The new segment of the fund, which already invests in healthy student housing properties and future projects, will offer owners of troubled properties an alternative to foreclosure and loss of equity. Allocated funds will be available for assets within markets meeting Place/BV’s overall investment criteria, according to a release.

“The current turmoil in the banking and real estate markets, coupled with the pervasive economic downturn the country is experiencing, is forcing many property owners toward and even into bankruptcy,” says Bob Clark, Place Properties executive vice president. “As banks and mortgage companies become less willing to provide workouts and modified financing terms, we believe that our fund’s decision to allocate funds for distressed assets will provide a much-needed alternative exit strategy for these affected owners.”

Place Properties is a leading multifamily developer with 14 developments in various stages of construction nationwide, and has built more than $800 million in student housing over the past 12 years. Blue Vista is a national real estate investment management firm with at least $550 million in capital under management and has participated in joint ventures representing $3 billion in total capitalization.

Place Properties and Blue Vista Capital have collaborated on a number of investments over the past year, including the $44-million acquisition in August of two student apartment complexes in Texas and Ohio. Last month, they disclosed plans to put another $64 million into off-campus housing projects in Arkansas and Nevada.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. APARTMENTS SPRING 2021Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.