Blue Vista Forms New Joint Venture to Acquire Core Student Housing Projects in the United States

Announces $250 million investment to seed the venture with two student housing projects in New York and Texas

CHICAGO--()--Blue Vista Capital Management, LLC (“Blue Vista”), a leading Chicago-based real estate investment firm, today announced the formation of a new joint venture partnership (“the Partnership”) with Koramco Asset Management, one of South Korea’s top real estate investment management firms, and a second South Korean institution, to invest in top-tier core student housing assets across the United States. Through the Partnership, Blue Vista completed the acquisition of Villas on Rio, a 856-bed property at the University of Texas at Austin, in addition to the recapitalization of Theory Syracuse, a 601-bed property at Syracuse University. These initial student housing investments represent approximately $250 million in total combined asset value.

Jason Schwartz, Blue Vista’s Managing Principal of Student Housing 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 type of premier student housing investments that this partnership will pursue, as well as our commitment to providing students with highly amenitized living accommodations. We look forward to cultivating a strong relationship going forward as we continue to execute on our strategy of investing in Class A assets at leading U.S. universities.”

Nick Lee, Vice President at Blue Vista also said, “This partnership is a testament to our team’s extensive real estate investment expertise and dedicated effort to developing meaningful cross-border relationships with international investors, especially in South Korea where we have made a long-term concerted effort. We are pleased with the support that we have received from leading South Korean investment institutions and look forward to working together to identify strategically-positioned core student housing properties across the U.S.”

KN Kim, Head of Overseas Real Estate Investment Team 1 at Koramco added, “We are thrilled to be partnering with Blue Vista to invest in this exciting sector. There is significant demand for investment into core U.S. student housing, and this strategic joint venture between Blue Vista and our Korean partner showcases the global momentum in the sector.”

The Partnership’s two initial investments are well-located, Class A student housing properties which leverage Blue Vista’s investment platform and vertical integration with affiliate PeakMade Real Estate, one of the largest student housing management and development companies in the U.S. Comprised of 245 units and 601 beds, Theory Syracuse is walking distance from Syracuse University’s main campus and nearby downtown amenities. The property was initially developed in 2018 by Blue Vista and Peak as part of its value-add student housing strategy. Comprised of 279 units and 856 beds, Villas on Rio is centered within the University of Texas’ highly popular West Campus. Villas on Rio offers top-tier amenities and is within walking distance of campus, restaurants, retail, and nightlife options, and just a short drive from 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 across the U.S. and Canada. Blue Vista’s student housing strategies are focused on taking advantage of the unique dynamics of the sector, which Blue Vista believes include resilience to economic cycles, stable enrollment trends for top-tier, traditional four-year universities, continued demand for purpose-built student housing stock and the ability to generate attractive annual cash yields based on stable occupancy trends at well-located, well-managed properties. Blue Vista’s strategic focus is paired with the firm’s vertical integration with affiliate PeakMade Real Estate, one of the largest student housing property management companies in the U.S., which offers the firm the ability to leverage operating data and manage portfolio operations efficiently.

About Blue Vista Capital Management

Blue Vista is a Chicago-based leading real estate investment firm dedicated to developing long-term relationships, serving investor interests and delivering consistent performance through a rigorous academic and research-driven investment process. Blue Vista’s value-creating platform offers national footprints in the U.S. and Canada, local operating expertise, and best-in-class investment strategies focused exclusively on student housing, middle market real estate and lending. Since the firm’s inception 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 more than 24% in the private REITs market in the Republic of Korea, is a leading real estate investment company managing over $3.0 billion of overseas commercial real estate transactions on behalf of various blue-chip Korean investors. For more information, please visit https://www.koramcofund.co.kr.

About PeakMade Real Estate

PeakMade Real Estate, based in Atlanta, GA, is a vertically integrated real estate management, development and consulting services company for student, multifamily and build-to-rent communities. As one of the nation’s largest third-party management companies, PeakMade manages 80 communities valued at over $2.8 billion across 60 markets in the United States. For more information, please visit https://peakmade.com/.

Contacts

For Blue Vista:
Carissa Felger / Alex Jeffrey
Gasthalter & Co.
(212) 257-4170
bluevista@gasthalter.com

Contacts

For Blue Vista:
Carissa Felger / Alex Jeffrey
Gasthalter & Co.
(212) 257-4170
bluevista@gasthalter.com