PLYMOUTH, MA– Joyal Capital Management, LLC said that its private equity investment fund, JCM Opportunity Fund I, LLC, has invested $11.5 million in Edge College Hill, in Providence, R.I., marking the fund’s seventh investment.
Edge College Hill is a 226-unit, 237-bed student housing facility, the first purpose-built student housing in historic College Hill in Providence, and serves the student populations of Brown University, Rhode Island School of Design (RISD) and Johnson & Wales University.
The development is centrally located, readily accessible to the city’s many cultural and entertainment offerings. Constructed in only 12 months, with fully furnished apartments, a 24/7 fitness center, controlled building access and a rooftop lounge, the property is a fitting and highly functional solution to student housing in an urban campus setting.
“The JCM Opportunity Fund could not be more pleased with the Edge College Hill facility,” said Gary F. Joyal, Chief Executive officer and Managing Partner of Joyal Capital Management, LLC. “Our partnership with Rick and Mary Shaffer of Vision Properties continues to produce an exceptional student housing product that fills a vacuum that has existed for decades. I look forward to continuing our mission to provide housing alternatives for students that would not exist otherwise.”
Urban areas including Providence, with concentrations of institutions of higher education, are challenged because of growing student populations competing with residents for housing supply. Many cities have encouraged colleges and universities to house more of their students on campus or, alternatively, provide places for them to live.
With thirty years of experience, Joyal Capital Management, LLC represents high-net-worth individuals and family-owned businesses on mergers and acquisitions, financing, private equity, estate planning and family office services. The JCM Opportunity Fund I, LLC, JCM’s private equity arm, focuses on fast-service restaurant franchise and real estate investments. The Fund has made seven investments, three of which have been completed and four of which are ongoing.