Blue Vista JV Sells 524-Bed Student Community
Completed in 2016, the property serves the University of Illinois-Champaign.

A joint venture between Bainbridge Cos. and an affiliate of Blue Vista Capital Management has sold Campus Circle, a 181-unit, 524-bed student housing community in Urbana, Ill. Horizon Realty Advisors acquired the asset.
JLL brokered the deal on behalf of the buyer and also secured a five-year, fixed-rate loan through Freddie Mac that will be serviced by JLL Real Estate Capital.
The community came online in 2016 and was subject to a $35.1 million loan originated in 2014 by Citizens Financial Group, a note originally used to finance construction, according to Yardi Matrix information.
READ ALSO: Top 5 Midwestern Universities for Student Housing Construction
Located at 1010 W. University Ave., the property is within walking distance of the University of Illinois at Champaign campus and more than 2 miles from the Memorial Stadium. Downtown Urbana is 1 mile away.
The five-story building comprises one-, two- and four-bedroom floorplans ranging between 572 and 1,409 square feet. Common-area amenities include a business center, clubhouse, swimming pool, fitness center and media room.
The property also has a yoga and dance studio, outdoor lounge with TV, coffee bar and rooftop terrace with fire pits, along with 20 private study rooms.
JLL Capital Markets Managing Director Scott Clifton, Director Kevin Kazlow and Associate Jack Goldberger led the team that represented the seller in the deal. Managing Director Jake Wisness, Senior Director Dan Kearns, Director Mike Brady, Associate Sam Tarter and Senior Analyst Bill Maloney led the Debt Advisory group.
Blue Vista’s recent student housing expansion
Blue Vista Capital Management’s current student housing portfolio comprises 49 direct acquisitions totaling $1.8 billion in capitalized value and more than 21,000 beds. Additionally, the firm has 41 development properties totaling north of 18,800 beds.
Last month, Blue Vista formed a joint venture with Clarion Partners for the acquisition of a four-property, 2,787-bed student housing portfolio from Columbus Pacific Group. The communities are located near Pennsylvania State University, College of Charleston and Texas A&M University.