(Read more on the debt and equity markets and the multifamily market .)
ATLANTA-Locally based Place Properties LP and Chicago-based Blue Vista Capital Management LLC have added $75 million to an already established fund, raising the fund's total from $205 million to $280 million. With the fund, officials expect to create a portfolio of at least $925 million in student housing properties through acquisition and development.
The most recent investments under the fund are the $14-million acquisition of Allston Place in Berkeley, CA, which serves the University of California-Berkley, and the $18-million acquisition of Campus Place in Fresno, CA which serves California State University-Fresno.
Fund officials had originally anticipated raising an additional $45 million. "We were pleasantly surprised by the higher figure we were able to raise," Place Properties chief acquisitions officer Bob Clark tells GlobeSt.com. "As we continued our efforts, we got a warm reception from our investors with an appetite for these types of properties."
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.