Blue Vista Forms New Joint Venture to Acquire Basic US Student Housing Projects | Business
CHICAGO – (BUSINESS WIRE) – October 6, 2021–
Blue Vista Capital Management, LLC (“Blue Vista”), a leading Chicago-based real estate investment company, today announced the formation of a new joint venture partnership (“the Partnership”) with Koramco Asset Management , one of the main real estate players in South Korea. real estate investment management companies and a second South Korean institution to invest in leading student housing assets across the United States. As part of the Partnership, Blue Vista completed the acquisition of Villas on Rio, an 856 bed property at the University of Texas at Austin, in addition to the recapitalization of Theory Syracuse, a 601 bed property at the University. of Syracuse. These initial investments in student housing represent approximately $ 250 million in combined total asset value.
Jason Schwartz, General Manager of Student Housing at Blue Vista, said, “Blue Vista is proud to be the partner of choice for two well-established Korean institutions. The properties at the University of Texas at Austin and Syracuse University highlight the kind of leading investments in student housing this partnership will pursue, as well as our commitment to providing students with highly-serviced housing. We look forward to cultivating a strong relationship going forward as we continue to implement our strategy of investing in Class A assets at leading US universities. “
Nick Lee, Vice President of Blue Vista also said, “This partnership is a testament to our team’s extensive real estate investment expertise and dedicated efforts to develop meaningful cross-border relationships with international investors, particularly in Korea. South where we have established a long-term concerted effort. We are delighted with the support we have received from leading South Korean investment institutions and look forward to working together to identify the leading student housing properties strategically positioned across the United States.
KN Kim, Head of Overseas Real Estate Investment Team 1 at Koramco, added: “We are delighted to partner with Blue Vista to invest in this exciting industry. There is significant demand for investment in student housing in the United States, and this strategic joint venture between Blue Vista and our Korean partner illustrates the global dynamics of the sector.
The two initial investments in the partnership are well-located Class A student housing properties that leverage Blue Vista’s investment platform and vertical integration with subsidiary PeakMade Real Estate, one of the world’s largest. major US student housing development and management companies. Comprised of 245 units and 601 beds, Theory Syracuse is within walking distance of the main Syracuse University campus and nearby downtown amenities. The property was originally developed in 2018 by Blue Vista and Peak as part of its value-added student housing strategy. Comprised of 279 units and 856 beds, Villas on Rio is centered on the ever popular University of Texas West Campus. Villas on Rio offers top-notch amenities and is within walking distance of campus, restaurants, shopping, and nightlife, and a short drive to downtown Austin.
Since 2003, Blue Vista has acquired and / or developed over $ 3.0 billion in student housing properties, representing nearly 40,000 beds and approximately 80 properties in the United States and Canada. Blue Vista’s student housing strategies aim to capitalize on the unique dynamics of the industry, which Blue Vista says includes resilience to business cycles, stable enrollment trends for leading traditional universities in four. years, a continued demand for purpose-built student housing. and the ability to generate attractive annual cash returns based on stable occupancy trends in well-located and well-managed properties. Blue Vista’s strategic direction is coupled with the company’s vertical integration with its subsidiary PeakMade Real Estate, one of the largest student housing management companies in the United States, which provides the company with the opportunity to leverage operating data and effectively manage portfolio operations.
About Blue Vista Capital Management
Blue Vista is a premier Chicago-based real estate investment firm dedicated to developing long-term relationships, serving investor interests, and delivering consistent performance through an academic and investment-driven investment process. rigorous research. Blue Vista’s value creation platform offers national footprints in the United States and Canada, local operating expertise and top-notch investment strategies focused exclusively on student housing, market real estate intermediary and loans. Since the inception of the company in 2002, Blue Vista has invested over $ 11.2 billion in total capitalized value through institutional real estate vehicles. For more information, please visit https://bluevistallc.com/.
About Koramco Asset Management Co., Ltd.
Koramco Asset Management Co., Ltd., a 100% subsidiary of Koramco REITs & Trust with a market share of over 24% in the private REIT market in the Republic of Korea, is a leading real estate investment company which manages more than $ 3.0 billion in overseas commercial real estate transactions on behalf of various leading Korean investors. For more information, please visit https://www.koramcofund.co.kr.
About PeakMade Real Estate
PeakMade Real Estate, based in Atlanta, Georgia, is a vertically integrated property management, development and advisory services company for student, multi-family and rental construction communities. As one of the largest third-party management companies in the country, PeakMade manages 80 communities valued at over $ 2.8 billion in 60 markets in the United States. For more information, please visit https://peakmade.com/.
See the source version on businesswire.com: https://www.businesswire.com/news/home/20211006005217/en/
CONTACT: For Blue Vista:
Carissa Felger / Alex Jeffrey
Gasthalter & Cie.
(212) 257-4170
KEYWORD: ILLINOIS UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: PROFESSIONAL SERVICES RESIDENTIAL BUILDING AND REAL ESTATE COMMERCIAL BUILDING AND REAL ESTATE FINANCE CONSTRUCTION AND REAL ESTATE REIT
SOURCE: Blue Vista Capital Management, LLC
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PUB: 06/10/2021 8:30 a.m. / DISC: 06/10/2021 8:32 a.m.
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