CHICAGO, IL – Blue Vista Capital Management, a premier real estate investment firm based in Chicago, announced the formation of a new joint venture partnership with Koramco Asset Management, one of South Korea's premier real estate investment management companies, and a second South Korean institution to specialize in world class Investing in student dormitories in the United States. Through the partnership, Blue Vista has 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 Syracuse University. These initial dormitory investments add up to a total of approximately $ 250 million in total assets.
Jason Schwartz, Blue Vista Managing Principal of Student Housing, said, “Blue Vista is proud to be the partner of choice for two established Korean institutions. The University of Texas at Austin and Syracuse University properties highlight the nature of the world-class student housing investments that this partnership will pursue, as well as our commitment to providing students with state-of-the-art housing. We look forward to maintaining a strong relationship going forward as we continue our strategy of investing in Class A assets in leading US universities. "
Nick Lee, Vice President, Blue Vista, said, “This partnership is testament to our team's extensive real estate investment expertise and dedication to building meaningful cross-border relationships with international investors, particularly in South Korea where we have a long standing 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 strategically positioned core student residential properties in the US. "
KN Kim, Head of Overseas Real Estate Investment Team 1 at Koramco, added: “We are very excited to partner with Blue Vista to invest in this exciting sector. There is significant demand for student housing investment in the core US area, and this strategic joint venture between Blue Vista and our Korean partner shows the global momentum in this sector. "
The partnership's first two investments are well-located Class A student residences leveraging Blue Vista’s investment platform and vertical integration with affiliate PeakMade Real Estate, one of the largest student residence management and development companies in the United States. Consisting of 245 units and 601 beds, Theory Syracuse is located within walking distance of the main Syracuse University campus and nearby downtown amenities. The property was originally developed by Blue Vista and Peak in 2018 as part of their value-added student housing strategy. Villas on Rio consists of 279 units and 856 beds and is located on the very popular West Campus of the University of Texas. Offering world-class amenities, Villas on Rio is within walking distance of campus, restaurants, shops and nightlife and just a short drive to downtown Austin.