Varsity Communities, a property development and management firm specializing in Canadian student living, has been awarded management of Campus Common, a 12-story, 343-bed student housing residence adjacent to Ryerson University in Toronto. The company’s current portfolio includes management of more than 1,300 beds in several Canadian cities.
Located at 50 Gerrard St. E in the heart of Toronto’s university and college district, the property is close to the University of Toronto, George Brown College and OCAD University, Canada’s largest art, design and media university. The student housing property is also a short distance to shopping at Toronto Eaton Centre mall and other stores and near clubs, pubs, restaurants, galleries and cinemas.
All apartments at Campus Common have private kitchens, bathrooms and will soon by fully furnished to improve the living experience of student residents. The property, which was built in 2007, features a secured lobby as well as underground parking, bike racks and storage lockers. Campus Common has a fitness room, laundry lounge and community recreation room.
Student Housing Team
Varsity Communities received the management contract from Blue Vista Capital Management LLC, a Chicago-based real estate investment firm that acquired the property last month with partners Secure Capital, Podium Developments and Canadian pension fund OPTrust. It is the second management assignment from Blue Vista, which plans to seek more student housing opportunities in Canada, according to Real Estate News Exchange (renx.ca) in Canada.
Varsity Communities will also be managing Unity Point in Kingston, Ontario, a development project also with partners OPTrust, Secure Capital and Podium Developments that will have three student housing buildings with about 1,440 beds when completed. The first phase is expected to deliver this summer, Real Estate News Exchange reported.
Blue Vista has acquired and/or developed more than $2.8 billion in student housing properties with more than 36,000 beds across the United States. Together with its affiliate Peak Campus, Blue Vista has developed more than 17,500 student housing beds at nearly 40 U.S. properties.