Blue Vista and StepStone Real Estate Form $90 Million Student Housing Co-Investment Partnership, First Investment Made at Georgia Tech
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CHICAGO--(BUSINESS WIRE)--Blue Vista Capital Management ("Blue Vista") and StepStone Real Estate ("SRE"), the real estate arm of private markets investment firm StepStone Group (Nasdaq: STEP), today announced 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 ("Peak").

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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"The Georgia Tech student population continues to experience steady growth and we are excited to expand our presence at Georgia Tech in partnership with StepStone to deliver a unique Class-A community to serve students seeking high-quality accommodations," said Jason Schwartz, Managing Principal and Co-Head of Blue Vista's Equity Group. "Theory Interlock represents our investment strategy of developing modern student housing accommodations adjacent to top tier universities, with thoughtful design and attractive amenities that support the demands of today's student throughout their academic careers."

"Well-located, high-quality, purpose-built student housing near growing universities is one of our high-conviction investment themes," said John Waters, Partner and Head of Investments at SRE. "We are excited to be co-investing with best-in-class 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 expertise as an owner, operator and lender across all property types and various markets in the U.S. and Canada. Since its inception in 2002, the firm has invested over $11.9 billion in total capitalization, with the goal of challenging the status quo, setting high standards and bringing a relationship-based, client-focused approach to real estate investing. For more information, please visit https://bluevistallc.com/.

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ABOUT STEPSTONE AND STEPSTONE REAL ESTATE

StepStone Group Inc. (Nasdaq: STEP) is a global private markets investment firm focused on providing customized investment solutions and advisory and data services to its clients. As of March 31, 2022, StepStone oversaw approximately $548 billion of private markets allocations ($160 billion within SRE), including $134 billion of 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, foundations, family offices and private wealth clients, which include high-net-worth and mass affluent individuals. StepStone partners with its clients to develop and build private markets portfolios designed to meet their specific objectives across the real estate, private equity, infrastructure, and private debt asset classes.

ABOUT PEAK

Peak Campus, part of the PeakMade Real Estate family of brands and operating through a group of affiliated companies, is an institutional-grade development and property management company based in Atlanta, Georgia, focused exclusively on the student housing industry. The companies' experienced professionals offer an unmatched ability to execute on strategies consistent with the goals and long-term investment strategies of its partners. The Companies have developed over 16,000 beds of purpose-built student housing, and have managed an average of 55,000 beds annually, with a combined valuation of more than $3.5 billion for investors nationwide, making them one of the largest private student operators in the United States. For more information about Peak Campus and its affiliates' full array of real estate solutions, please visit https://peakmade.com/.

Contacts

PRESS CONTACT

Carissa Felger / Alex Jeffrey
Gasthalter & Co.
(212) 257-4170
bluevista@gasthalter.com
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