CHICAGO, IL – Blue Vista Capital Management, a leading Chicago-based real estate investment firm, has announced the formation of a new joint venture partnership with Koramco Asset Management, a leading real estate investment management firm of South Korea, 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 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 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.