Canadian Student Housing Limited Partnership

OPTrust and Blue Vista Capital Management’s student housing acquisitions

Client

Joint Venture between OPTrust and Blue Vista Capital Management

Value

$82.8 million

Service

Real Estate

Date Closed

December 2020

Lead Office

Toronto

 

On December 1, 2020, a joint venture between, among others, Blue Vista Capital Management and OPTrust, completed its acquisition of 50 Gerrard Street East in Toronto from Horizon Legacy. The transaction valued at $82.8 million includes a 12 story, 188 unit student residence building known as Campus Common near Ryerson University. The acquisition was one of the few large student housing acquisitions in Canada in 2020 and is one of very few student housing properties to sell in Toronto in recent years.

Blue Vista Capital Management and OPTrust are also involved in a joint venture with Podium Developments and Secure Capital in the construction of a three phase student housing project in Kingston, Ontario to serve Queen’s University. The project includes three student housing buildings which are expected to contain approximately 1400 beds and 788 units once complete.

The student housing projects are part of Blue Vista Capital Management’s strategy to be a major player in institutional student housing investment in Canada.

Blue Vista Capital Management in conjunction with its affiliate Peak Campus owns and operates over $3.5 billion worth of student housing properties and acts as property manager of 75 properties at 56 campuses in the U.S.

OPTrust is one of Canada’s largest pension funds with net assets of approximately $22 billion, specializing in the administration of the OPSEU Pension Plan and the management of the assets through joint trusteeship.

Osler, Hoskin & Harcourt LLP advised the joint venture purchaser with a team consisting of, among others, Christopher Murray (Corporate and Pensions), Ryan Nielsen, Jordan Adler, Lorna Storm, Samantha Powell and Irene Kang (Real Estate), Jack Silverson and David Davachi (Taxation).