Blue Vista and StepStone Group Form New Student Housing Partnership
Chicago-based Blue Vista Capital Management and StepStone Real Estate, the real estate arm of private markets investment firm StepStone Group, have formed a $90-million co-investment partnership to invest in purpose-built student housing.
The partnership’s first transaction is a new development project at Georgia Tech, Theory Interlock. The co-investment is being executed as part of Blue Vista’s value-add student housing strategy to pursue development and acquisitions at top-tier universities which can be repositioned to core buyers.
Theory Interlock is part of the second phase of development at The Interlock, a mixed-use community in West Midtown Atlanta, which includes 200,000 square feet of technology-focused office space, 105,000 square feet for retail and restaurant space, 349 luxury apartments and 18 townhomes, 70 single-family homes and the 161-room Bellyard, a Tribute Portfolio Hotel.
Theory Interlock will connect to the buildings which were recently opened as part of the initial phase of development. The project is being developed with master developer SJ Collins Enterprises and Blue Vista affiliate student housing management company PeakMade Real Estate.
The 671-bed community is located a block from the Georgia Tech campus at the intersection of Northside Drive, 11th Street and Ethel Street. Construction on Theory Interlock is expected to be completed in Summer 2023 and will include amenities such as a rooftop pool and fitness center.
Theory Interlock represents the second student housing development by Peak and Blue Vista at Georgia Tech, following a prior development, Theory Midtown, which was delivered to market in 2020.
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