Blue Vista, StepStone Form $90M Student Housing JV

The partnership’s first venture is a 671-bed project in Atlanta that will be located a block from Georgia Tech.

Georgia Institute of Technology in Atlanta. Image via Wikimedia

Blue Vista and StepStone Real Estate have formed a co-investment partnership for student housing communities, with its first project in Atlanta. The $90 million partnership is expected to specifically invest in purpose-built student housing.

The partnership’s first transaction is a 671-bed project in Atlanta’s West Midtown neighborhood that will be aimed at students of Georgia Tech. The community, called Theory Interlock, will offer fully-furnished units in one-, two-, three-, four- and five-bed units with private bedrooms and bathrooms, in-unit laundry, and 55-inch smart TVs, with some units offering island kitchens and private balconies. The community will also offer a study room, lounge, clubroom, rooftop pool, coffee bar, fitness center, package lockers, private study labs, collaboration space and two courtyards.

The project is being developed with SJ Collins Enterprises and PeakMade Real Estate, Blue Vista’s affiliate student housing management company. Construction started on Theory Interlock in October 2021 and is expected to be complete in summer 2023. Blue Vista also secured construction financing for the community from Truist Bank in May.

Jason Schwartz, managing principal & co-head of Blue Vista’s Equity Group, said in prepared remarks that the Georgia Tech student population will continue to experience steady growth, and Theory Interlock would serve the students looking for high-quality living accommodations.

The Interlock’s Second Phase

Theory Interlock will also be part of the second phase of development at The Interlock, a major mixed-use development in Atlanta. The new community is expected to connect to the buildings that were constructed during the first phase of The Interlock’s development. When fully built out, The Interlock will include 200,000 square feet of technology-focused office space, 105,000 square feet for retail and restaurant space, 349 luxury apartments, 18 townhomes, 70 single-family homes, and a 161-key hotel.

Outside the mixed-use development, Blue Vista and PeakMade previously developed another student housing development for Georgia Tech studens. The duo delivered Theory Midtown, a 525-bed community, in 2020.

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