Blue Vista and StepStone Real Estate Form $90 Million College Housing Co-Investment Partnership, First Investment at Georgia Tech

CHICAGO–(BUSINESS WIRE). 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 made as part of Blue Vista’s value-add student housing strategy to advance development and acquisitions at world-class universities that can be repositioned for prime buyers.

Theory Interlock is part of the second phase of development of The Interlock, a mixed-use community in West Midtown Atlanta that includes 200,000 square feet of technology-focused office space, 105,000 square feet of retail and restaurant space, 349 luxury apartments, 18 townhouses, 70 single-family homes and the 161-room bellyard, a tribute portfolio hotel. Theory Interlock will be connected to the buildings that recently opened as part of the first phase of development. The project is being developed jointly with master developer SJ Collins Enterprises and Blue Vista subsidiary PeakMade Real Estate (“Peak”).

The 671-bed community is located one block from the Georgia Tech campus at the intersection of Northside Drive, 11th Street and Ethel Street. Construction of Theory Interlock is expected to be complete in summer 2023 and will include amenities such as a rooftop pool and fitness center. Theory Interlock is Peak and Blue Vista’s second student housing development at Georgia Tech, following an earlier development, Theory Midtown, which launched in 2020.

Georgia Tech’s student population continues to experience steady growth, and we are excited to expand our presence at Georgia Tech in partnership with StepStone to create a unique Class A community that serves students seeking quality accommodation,” said Jason Schwartz, Managing Principal and Co-Head of Blue Vista’s Equity Group. “Theory Interlock represents our investment strategy to develop modern student accommodation near world-class universities with thoughtful design and attractive amenities that support the needs of today’s students throughout their academic careers.”

Well-located, high-quality, purpose-built student housing near growing universities is one of our investment themes that we strongly believe in,” said John Waters, Partner and Head of Investments at SRE. ““We’re excited to invest alongside top-tier student housing managers like Blue Vista and PeakMade,” he added.

ABOUT BLUE VISTA

Blue Vista is a leading investment management firm focused on helping investors maximize returns through best-in-class real estate equity and credit strategies across the risk-return spectrum. Blue Vista offers investors the benefits of a vertically integrated platform, complementary strategies managed by experienced teams, and deep ownership, operator and lender expertise across all property types and diverse markets across the United States and Canada. Since its founding in 2002, the firm has invested over $11.9 billion in total capitalization with a goal to challenge the status quo, set high standards and introduce a relationship-based, client-centric approach to real estate investing. Visit https://bluevistallc.com/ for more information.

ABOUT STEPSTONE AND STEPSTONE REAL ESTATE

StepStone Group Inc. (Nasdaq: STEP) is a global private markets investment firm focused on providing clients with tailored investment solutions, advisory and data services. As of March 31, 2022, StepStone oversaw approximately $548 billion in private markets allocations ($160 billion within SRE), including $134 billion in assets under management. StepStone’s clients include some of the world’s largest public and private defined benefit and defined contribution pension funds, sovereign wealth funds and insurance companies, as well as prominent endowments, family offices and private wealth, including high net worth and wealthy individuals. StepStone works with its clients to design and build private markets portfolios designed to meet their specific real estate, private equity, infrastructure and private debt asset class objectives.

OVER TOP

Peak Campus, part of the PeakMade Real Estate family of brands and operating through a group of related companies, is an Atlanta, Georgia-based institutional development and real estate management company focused solely on the student housing industry. The firms’ experienced professionals offer an unmatched ability to implement strategies that align with their partners’ goals and long-term investment strategies. The companies have developed over 16,000 beds in purpose-built student housing and manage an average of 55,000 beds annually, with an aggregate valuation of more than $3.5 billion for investors across the country, making them one of the largest private student companies in the United States . For more information about Peak Campus and its partners’ full range of real estate solutions, visit https://peakmade.com/.

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