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ATLANTA-A joint venture of locally based Place Properties LP and Chicago-based Blue Vista Capital Management LLC has invested another $80 million in four student housing projects. The investments were the most recent ones made under the Place/BV Student Housing Fund LLC, which is managed jointly by the two companies.
The properties, all of which are scheduled to open in July 2008, include Bryant Place at the University of Central Oklahoma, Coleman Place at the University of Arkansas-Little Rock, Vista Place at Arkansas Tech University and Hill Country Place at the University of Texas-San Antonio. "We have been very fortunate to be successful at acquiring superlative locations for new student housing developments at these four schools which have a tremendous demand for new housing," Place Properties national development partner Brent Little says in a prepared statement.
Place Properties chief acquisitions officer Bob Clark tells GlobeSt.com that the company looks for student housing properties in high-growth areas where there are significant barriers to entry or limited competition for student housing. "All of the properties had one, if not all, of these characteristics," Clark says.
Bryant Place is the fund's first investment in Oklahoma. Valued at more than $17 million, it consists of 108 units with 432 beds. It include a clubhouse with on-site management, activity room, gaming center, computer lab, tanning beds, grilling stations, sand volleyball, swimming pool and carports.
Coleman Place is valued at more than $18 million and consists of 132 units with 420 beds. It features one-bedroom, one-bathroom units; two-bedroom, two-bathroom units and four-bedroom, four-bathroom units.
Valued at more than $17 million, Vista Place is the fund's second development in Arkansas. It includes 108 units with 432 beds in a gated community with a clubhouse, gaming center, activity room, fitness center, among other amenities.
Hill Country Place is valued at more than $28 million and offers a variety of one-, two- and four-bedroom units with amenities including a clubhouse, gaming center, activity room, fitness center, basketball court, and others.
So far, 14 properties with an aggregate value of approximately $300 million have been acquired under the fund. This represents about 25% to 30% of the fund, Clark says. In August, it added three properties worth $61 million. In April the companies added $75 million to bring its $205-million fund to $280 million, pushing its buying power to at least $925 million, as GlobeSt.com previously reported.
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