Place/BV Student Housing Fund Closes on $24 Million Project

San Antonio — Place/BV Student Housing Fund has closed on the land acquisition and construction loan for Avalon Place across the street from the University of Texas at San Antonio.

San Antonio — Place/BV Student Housing Fund has closed on the land acquisition and construction loan for Avalon Place, a 246-unit, 440-bed community across the street from the University of Texas at San Antonio campus in San Antonio. The community will house flats and town homes featuring walk-in closets, garden soaker tubs, island kitchens, upscale lighting fixtures, built-in bookcases, planning/computer desks and queen-size beds with pillow-top mattresses. Each apartment will be fully furnished with all major appliances, including a washer and dryer. Avalon Place will also offer residents amenities such as a clubhouse, activity room, computer lab, fitness center, pool and spa. Construction has commenced on the project, and completion of the project is scheduled for July 2010. BVP Managers, a joint venture between Atlanta-based Place Companies, an Affiliated Group, and Chicago-based Blue Vista Capital Management, serves as manager of the fund.