CHICAGO–(COMMERCIAL THREAD) – Blue Vista Capital Management, LLC (âBlue Vistaâ), a leading Chicago-based real estate investment company, today announced the formation of a new joint venture partnership (âthe Partnershipâ) with Koramco Asset Management, one of Korea’s leading real estate investment management companies and a second South Korean institution will 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 total combined asset value.
Jason Schwartz, general manager of student housing at Blue Vista, said: “Blue Vista is proud to be the partner of choice of 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 that 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: âThis partnership is a testament to our team’s extensive expertise in real estate investing and their dedicated efforts to develop meaningful cross-border relationships with international investors, particularly in South Korea where we have made concerted, long-term efforts. 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, representing nearly 40,000 beds and approximately 80 properties in the United States and Canada. Blue Vista’s student housing strategies aim to take advantage of the unique dynamics of the industry, which Blue Vista believes include resilience to business cycles, stable enrollment trends for leading traditional four-year universities, a continued demand for purpose-built student accommodation. 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 focus-driven investment process. rigorous research. Blue Vista’s value creation platform offers a national footprint in the United States and Canada, local operational expertise, and top-notch investment strategies focused exclusively on student housing, mid-market real estate and the 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 over 24% market share in the private REIT market in the Republic of Korea, is a leading real estate investment company which manages over $ 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 nation’s largest third-party management companies, 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/.