Fund Snags 2 More Student Housing Assets for $64M
- Dec 15, 2008
Place/BV Student Housing Fund L.L.C., a joint venture of Place Properties and Blue Vista Capital Management, has put a total $64 million investment in two more student housing developments, one in Arkansas and one in Nevada. Both communities will open next summer. Hill Place, just across Sixth Street from the University of Arkansas at Fayetteville campus, is in a desirable location, closer to campus than the parking lots for football and basketball games. The garden-style development will house 840 students in 288 one-, two- and four-bedroom furnished apartments, each of which includes a full kitchen and washer and dryer. In addition, there will be a private bathroom for each bedroom. Community amenities include a clubhouse with Wi-Fi and a game room, a 24-hour fitness center and tanning beds. Outdoor amenities will include two basketball courts, a study garden, walking/jogging trails and two resort-style swimming pools. Rebel Place, a half mile from the University of Nevada at Las Vegas, will also be a garden-style community, with 480 beds in two-, three- and four-bedroom units, all with private bathrooms. All apartments will be furnished, fully equipped with kitchens and washers and dryers, and wired for cable and Internet. Community amenities will include a clubhouse with an activity center, online gaming, computer lab, fitness center, tanning bed and a resort-style pool with a poolside theater. Rebel Place will also run a shuttle service to take residents to and from the UNLV campus. Place/BV executive vice president Bob Clark commented in a prepared statement that the attractiveness of each project is based in part on the growth at the two universities and on the high barriers to entry in those markets. Just over a month ago, CPN reported that the fund had invested in off-campus housing near Indiana University–Purdue University Fort Wayne and near the University of North Carolina in Greensboro. Those two projects total just over 1,000 beds. Place Properties L.P. has more than 11 developments in various stages of construction nationwide, making it one of the country’s largest multi-family developers. It has developed more than $800 million of student housing since 1996 and currently manages more than 17,000 beds. Blue Vista Capital Management has more than $550 million in capital under management and has participated in JVs representing over $3 billion in total capitalization.