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PEMBROKE, NC-Place Properties and Blue Vista Capital Management mark the closing of $205 million of their $250-million joint fund with the first investment, Pembroke Place. The private real estate equity fund targets the acquisition and development of student housing.
Pembroke Place will be an 83-unit student housing community with 336 beds at the University of North Carolina at Pembroke. An affiliate of Place Properties is slated to complete the development in July 2007, with students expected to move in for the fall semester.
Place Properties, of Atlanta, and Blue Vista Capital, of Chicago, invested in the fund along with two large institutional investors. The fund is the largest commingled fund established solely for student housing, according to a release from the joint venture partners.
"The fund is focused on a nationwide strategy and will look at transactions in any of the 50 states and US territories," Peter Stelian, managing principal of Blue Vista Capital, tells GlobeSt.com. The fund selected Pembroke Place as its first investment because of its "excellent site located across the street from a rapidly growing and highly regarded university which lacks an affordable, purpose-built student housing supply," he explains.
The partners expect to raise an additional $45 million for the fund and to create a portfolio of at least $800 million of student housing assets, through both acquisition and development, Stelian says in the JV's release. "We have an active pipeline of acquisition and development projects under consideration, so we anticipate additional announcements in the near future."
The Place/BV Student Housing Fund, LLV investment committee management includes Jim Rosenberg, president, and Robert E. Clark, chief financial officer of Place Properties, and managing principals Stelian, Robert G. Byron and George Huber of Blue Vista Capital.Stelian tells GlobeSt.com his company acquired its first assets with Place Properties in October 2005. GlobeSt.com previously reported that Place Properties joined with Blue Vista Sponsor Equity Fund and Fidelity Real Estate Group of Boston to acquire 1,535 beds for $56 million last fall.
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