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Chicago-based CA Ventures, a student housing investor that manages $16B in assets across the U.S. and Europe, plans to jump into life sciences ownership.
The company will focus on “development and redevelopment projects in established cluster markets and top-tier university markets with strong research centers amongst other compelling fundamentals,” according to an announcement.
Alessio Tropeano, who previously served as a vice president on CBRE’s New York City life sciences team, was tapped to lead the team and hired on as a senior vice president.
“As an industry pioneer and leader in student housing, CA is in a distinct position to capitalize on the unparalleled momentum the life science industry has experienced over the last decade through our expansive student housing presence next to leading universities and prominent research institutions,” CA Ventures CEO Tom Scott said in a statement.
The firm’s first foray into the space will be a 350K SF mixed-use, transit-oriented development in Emeryville, California, composed of Class-A lab space and 30 homes for low-income renters. The site was initially planned for all-residential, but changing costs made that unfeasible, according to the developer.
Life sciences development has traditionally been dominated by a handful of major players, and it has proven challenging for new entrants into the market.
However, CA’s strategy, focused on mixed-use developments, and its expertise in housing, may prove beneficial, as more developers are looking to create more multifaceted projects anchored by lab space, and municipalities are keeping tabs on the housing impact life sciences expansion brings.
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