Michael Hales is the newly appointed president of CA Ventures' student living division.
CHICAGO—Locally-based CA Ventures says it will embark on a $12-billion investment strategy for the firm's North American student housing and residential divisions.
In connection with the newly launched investment initiative, CA Ventures has promoted four senior executives to help guide the firm's growth.
The promotions include Michael Hales to president of the firm's student living division, Matt Booma to president and global head of CA's residential division, JJ Smith to the newly created role of managing principal of CA's student living division, and Bob Flannery to chief operating officer.
"At CA Ventures, we are always looking ahead for growth opportunities, and the depth and experience of our team allow us to make strategic appointments that are integral to achieving our long-term investment objectives," said Tom Scott, CEO of CA Ventures. "In their new roles, Michael, Matt, JJ and Bob will help propel CA into its next chapter of growth as we look to scale our portfolio to $30 billion in assets by 2024. The student and residential divisions will comprise more than half of those projections."
Hales as president of the student living division will drive investment, development and operational strategy for the $4.7-billion division. Under Hales' leadership, the platform is projected to grow threefold over the next five years, totaling $14 billion in assets by 2024. The student housing giant's growth plans will be supported by expanded product and service offerings, such as third-party management, the company states.
As the new president and global head of residential, Booma will manage investment and operational strategy for the firm's residential division, whose portfolio is projected to double in size by 2024. The vertically integrated residential platform plans to deploy $3 billion of capital over the next five years in top U.S. metropolitan statistical areas and other select strategic markets.
CA Ventures LLC maintains an international portfolio that includes $13 billion in assets throughout the North America, South America, and Europe. While initially focused on student housing, CA's investment focus now includes student living, senior living, multifamily, industrial, and office.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
