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Place/BV Student Housing Fund to focus on distressed student housing market

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The Place/BV Student Housing Fund, a real estate investment fund focused on the acquisition and development of student housing properties, has allocated capital for the purchase of pre-

The Place/BV Student Housing Fund, a real estate investment fund focused on the acquisition and development of student housing properties, has allocated capital for the purchase of pre-distressed, distressed and bank foreclosed student housing assets.

BVP Managers, a joint venture between Georgia-based Place Properties and Chicago, Illinois-based Blue Vista Capital Management, serves as the manager of the fund.

The Place/BV Student Housing Fund believes that earmarking and providing liquidity for the purchase of troubled assets will assist owners of distressed student housing properties by creating an alternative to foreclosure.

In many instances, especially in the case of pre-distressed assets, this alternative may help limit and possibly prevent owners from losing equity that exists in the subject property, it says.

The allocated funds will be available and deployed nationally for assets within markets that meet the fund’s overall investment criteria.

Bob Clark, executive vice president for Place Properties, says: "The current turmoil in the banking and real estate markets, coupled with the pervasive economic downturn the country is experiencing, is forcing many property owners towards and even into bankruptcy. As banks and mortgage companies become less willing to provide work-outs and modified financing terms, we believe that our fund’s decision to allocate funds for distressed assets will provide a much needed alternative exit strategy for these affected owners."

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