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Fund Targets Distressed Student Housing

ATLANTA-Place Properties and Blue Vista are seeking current or pending foreclosures. The two firms have a good deal of experience with healthy assets in the sector.

By Carl Cronan | Updated on January 08, 2009

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.”

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