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CHICAGO—Fresh off recent announcements of major investments in its domestic medical office, life science, student housing and residential operations, locally-based CA International has now promised to increase funding for company ventures in Latin America.
Specifically, CA International, the international division of CA Ventures, reports it will invest $325 million to expand the firm’s multifamily and student housing presence in the Mexico cities of Monterrey, Mexico City and Merida.
“Latin America continues to be a high-growth region that has attracted investors looking to acquire or develop new rental communities, particularly near major universities as housing preferences evolve,” says Tony DiBiase, principal of CA International who has led the division since its inception in 2013.
CA International currently has four fully operational projects in Latin America: LivinnX 18, a 123-unit, 413-bed community in Bogotà, Colombia; LivinnX 21, a 135-unit, 486-bed community, also located in Bogotà; LivinnX Barranquilla, a 162-unit, 575-bed community in Barranquilla, Colombia and LivinnX Santiago, a 144-unit, 410-bed community in Santiago, Chile.
CA’s first two projects, LivinnX 18 and LivinnX Santiago, are more than 93% occupied, while LivinnX 21 and LivinnX Barranquilla, which were completed in the last two years, are projected to be more than 90% occupied within the next 12 months.
CA International has six additional projects in Mexico, Chile and Colombia slated to begin this year.
“These purpose-built student accommodations, in their various forms, are being absorbed by the Latin American market at increasing levels as the needs and wants of young people everywhere continue to change,” added DiBiase. “CA tapped into this trend early on with great success, and we continue to build on that proven model.”
CA International also has one operating asset in Europe, a 710-bed student community in Kraków, Poland, and three assets totaling 888 beds under construction in the United Kingdom cities of Glasgow, Edinburgh and Sheffield. By 2021, CA International will have 2,900 beds under operation in the European markets, and is projecting many more in the pipeline for 2022 and 2023.