ATLANTA, April 1, 2025 -- PeakMade Real Estate ("Peak") and Blue Vista Capital Management ("Blue Vista"), in partnership with W5 Group, recently broke ground on construction for Theory Ithaca, a new apartment development located near Cornell University in downtown Ithaca, NY, aimed to serve Cornell graduate students, university affiliates, and the greater Ithaca community. This project marks the continued expansion of Peak and Blue Vista's Theory-branded development portfolio in major university markets. Construction financing for Theory Ithaca was provided by Kennedy Wilson.
Upon completion, Theory Ithaca will be comprised of 371 units and 518 beds, offering studio through 3-bedroom floorplans, and 239 parking spaces. The development, scheduled to open for the 2027 academic year, will feature a market-leading amenity package, including rooftop terraces, modern study lounges, a luxury fitness center, and direct access to nature along Six Mile Creek.
"The Cornell University market is one of the most undersupplied student apartment markets in the country especially for graduate students. Theory Ithaca plans to serve this unmet demand with an exceptional project in an irreplaceable location in between Cornell's campus and downtown Ithaca," commented Jeff Githens, President of Development at PeakMade Real Estate.
"We are excited to begin construction on Theory Ithaca alongside PeakMade and W5 Group, and look forward to delivering a brand new, high-quality housing option to downtown Ithaca to help bridge the market's housing gap for students," commented Jason Schwartz, Managing Principal at Blue Vista Capital Management, LLC.
"Theory Ithaca is a continuation of our Innovative Living strategy, delivering a thoughtfully designed, community-oriented, highly-amenitized living experience in the Cornell University market," said Ralph Winter, Founder and Principal of W5 Group. "Cornell is one of the world's most prestigious universities, with an $11 billion endowment and a rapidly growing student population. In partnership with Blue Vista and PeakMade, we are excited to deliver a new state-of-the-art apartment community for the next generation of Cornellians, setting a new standard for residential innovation in the Ivy League."
About PeakMade Real Estate
PeakMade Real Estate, based in Atlanta, GA, is a diversified real estate services company, offering property management, development, and consulting services for conventional multifamily and student apartments. PeakMade Real Estate was built to execute on strategies consistent with the goals and long-term investment strategies of its partners. When something is PeakMade, it's not only built upon expertise and experience, it's built upon a foundation of community. For more information on PeakMade Real Estate, visit www.peakmade.com.
About Blue Vista
Blue Vista is a Chicago-based investment management firm focused on helping investors maximize returns through best-in-class real estate equity and credit strategies across the risk-return spectrum. Blue Vista offers investors the benefits of a vertically integrated platform, complementary strategies managed by experienced teams, and deep expertise as an owner, operator and lender across all property types and various markets in the U.S. and Canada. Since its inception in 2002, the firm has invested over $13.7 billion in total capitalization. For more information, please visit https://bluevistallc.com/.
About W5 Group
W5 Group is a real estate-focused family office, founded in 2009 to invest capital on behalf of the Winter family. Since 2024, W5 Group also invests alongside other family offices and like-minded investors. Ralph Winter is a successful global entrepreneur and real estate investor who was an early investor in European student housing, multifamily, micro-apartments and shared living. He amassed a portfolio of 40,000+ student housing units and 100,000+ multifamily units, generating over €30 billion in investment transaction volume. W5 invests in Innovative Living projects in the US and Europe across multifamily, student housing, micro living, and build-to-rent (single family rentals) and condominiums. W5's investments include ground up developments, value-add, mezzanine debt, preferred equity as well as opportunistic real estate within its target sectors. For more information, visit www.w5-group.com
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