ATLANTA and CHICAGO, March 17 /PRNewswire/ -- The Place/BV Student Housing Fund, LLC, a real estate investment fund focused on the acquisition and development of student housing properties nationwide, announced its most recent investment. Varsity Place serves the students of University of Texas at Tyler (UT Tyler) and represents the Fund's seventh student housing acquisition. BVP Managers, LLC, a joint venture between Atlanta, Georgia-based Place Properties, LP and Chicago, Illinois-based Blue Vista Capital Management, LLC, serves as the Manager of the Fund.
The property, which was built in 1984, recently underwent $2 million in capital improvements including the addition of a highly amenitized clubhouse and resort-style swimming pool. The community consists of 27, two-story apartment buildings totaling 484 units and 675 beds and is situated on 17 acres. The property has a unit mix consisting of 1 and 2 bedroom apartments all with private bathrooms. The property is adjacent to much of the campus operated housing.
Bob Clark, Chief Acquisition Officer for Place Properties, said, "We feel that Varsity Place is a great addition to our portfolio. The asset is wonderfully located directly across the street from UT Tyler and meets all of our investment criteria."
Blue Vista Capital Management, LLC is a leading national real estate investment management firm with in excess of $550 million in capital under management.
Blue Vista has participated in joint ventures representing over $1.5 billion in total capitalization.
Place Properties, LP, has over 14 developments in various stages of construction nationwide making it one of the largest multifamily development and construction organizations in the country.
Place Properties has developed more than $525 million of student housing properties since 1996 and currently manages more than 17,000 beds.
Contact: Jessica H. Nix
Director of Marketing and Public Relations
404-495-7591
jnix@placeproperties.com
Place Properties, LP
