Fund Invests $44M in Texas, Ohio Student Housing
- Aug 27, 2008
The Place/BV Student Housing Fund L.L.C. continues to make investments in student housing facilities across the United States, with two more announced today. The properties will be developed in Texas and Ohio for $44 million with completion set for next summer. La Cantera Place will be the fund’s second asset in the San Antonio, Texas, market and will serve students at the University of Texas, San Antonio. The fund’s first asset, Hill Country Place, opened this month and is 98 percent leased. USTA is one of the state’s largest and fastest growing campuses, with an enrollment increase of 1,500 students expected in fall, 2009. La Cantera Place will have 204 units with 624 beds in one-, two- and four-bedroom apartments. Each apartment has full kitchens with washers and dryers. A clubhouse with fitness center, computer lab and swimming pool are among the amenities. Rockdell Place in Fairborn, Ohio, will serve students at Wright State University, and will have 96 four-bedroom, four-bathroom apartments. It will have amenities similar to La Cantera Place as well as an online gaming center and indoor basketball court. “Rockdell Place is our first asset in the Wright State market, which has seen no new student properties built to serve this growing enrollment,” Brent Little, national development partner for Place Properties, said in a release. BVP Managers L.L.C., a joint venture between Atlanta-based Place Properties and Chicago-base d Blue Vista Capital Management L.L.C., is the manager of the fund. Last month, the Place/Student Housing Fund announced $38 million in investments to be ready by summer 2009. First Street Place, with 193 units, will be built for students at East Carolina University in Greenville, N.C., and Maverick Place, with 117 units, will serve students at the University of Texas at Arlington, according to a July 29 CPN report. Place Properties has developed more than $800 million of student housing properties since 1996 and manages more than 17,000 beds. The company also builds military housing. This spring, Place Properties opened five off-post military housing communities for soldiers, contractors and local civilians at Fort Hood and Fort Bliss in Texas; Fort Benning and Fort Stewart in Georgia and Fort Sill in Oklahoma. A sixth community was being built for soldiers from Fort Campbell in Kentucky, according to a May 20 CPN story. Blue Vista Capital Management L.L.C, is a national real estate investment management firm with more than $550 million in capital under investment.