PlaceBV Student Housing Fund Announces Investments Valued at $38M
- Jul 30, 2008
By Anuradha Kher, Online News EditorAtlanta–The Place/BV Student Housing Fund LLC recently invested $38 million in First Street Place and Maverick Place (pictured), two student housing properties located in Greenville, N.C. and Arlington, Texas, respectively. When complete, First Street Place will serve the students of East Carolina University (ECU) and Maverick Place will serve the students of University of Texas at Arlington (UT Arlington). Both communities will open in the summer of 2009. BVP Managers LLC, a joint venture between Atlanta-based Place Properties LP and Chicago-based Blue Vista Capital Management LLC, will serve as the manager of the fund. The 193-unit First Street Place, located four blocks from ECU’s main campus, will provide students with a mix of one-, two-and three-bedroom apartments. First Street Place is in the heart of Greenville’s downtown and near its popular retail stores, restaurants and public parks. The community will feature 288 beds. Amenities include a fitness center, tanning bed, computer lab and beach-entry swimming pool. Maverick Place will offer one-, two-, and four-bedroom apartments, each with private bathrooms. The 117-unit project is being built to complement the university’s rapidly climbing enrollment. Amenities include a clubhouse with fitness center, resort-style swimming pool, tanning bed, and cyber café. “When we looked at the Greenville market, we realized that there are good number of four- bedroom/four-bath units but there is an undersupply of one-, two- and three-bedroom units,” Brent Little, national development partner with Place Properties, tells MHN. “With this project, we are targeting the upper-classmen and graduate students. Typically, student housing is targeted toward undergraduate students.”As far as Arlington goes, Little says, “This is the new home of the Dallas cowboys and the city of Arlington is undergoing a lot of development and coordination with that. This project is a couple of miles from the stadium. Also, it has been 10 years since a new off-campus student housing project opened.” Pre leasing for both the projects starts at the end of this year and students will move in for the fall session next year.