CA Ventures to Invest $325M in Student Housing
The firm plans to direct the capital to new ground-up developments in Mexico.
Student housing developer CA Ventures is expanding its Latin American footprint. The company announced it is planning to invest $325 million in new, ground-up student housing developments in three Mexican cities: Merida, Mexico City and Monterrey.
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The announcement comes just a few months after the Chicago-based company announced a plan to invest $625 million into European student housing. As part of the deal, the company is developing three new projects in the UK cities of Sheffield, Glasgow and Edinburgh. CA Ventures also recently launched CA Management Services in 2018 to manage operations of the firm’s multifamily properties in the U.S., South America and Europe.
Tony DiBiase, principal of CA International, said in prepared remarks that the company was attracted to Latin America due to high growth in the region and has experienced success with its current student housing properties. Last summer, CA Management Services CEO Steve Boyack told Multi-Housing News that multifamily developers have to adapt they way they build properties to stay competitive.
CA Ventures currently has four projects in the Latin American region that have been completed and are fully operational: LivinnX 18, a 413-bed student housing community in Bogota, Colombia; LivinnX 21, a 486-bed student housing community also in Bogota; LivinnX Barranquilla, a 575-bed student housing community in Barrangquilla, Colombia and LivinnX Santiago.
In Europe, CA Ventures is currently operating one student housing property, a 710-bed community in Krakow, Poland. The company expects to have 2,900 student housing beds under operation in European markets by 2021, with more in the pipeline for 2022 and 2023.