Chicago — CA Ventures has announced a $12 billion investment strategy for the firm’s student housing and residential divisions in conjunction with the promotion of four senior executives. Promotions include Michael Hales to president of the firm’s student living division; Matt Booma to president and global head of CA’s residential division; JJ Smith to the newly created role of managing principal of CA’s student living division; and Bob Flannery to chief operating officer.
As president of student living, Hales will drive investment, development and operational strategy. Under Hales’ leadership, the platform is projected to grow threefold over the next five years, totaling $14 billion in assets by 2024. Hales previously served as chief financial officer and chief operating officer for the company.
As managing principal of the student housing division, JJ Smith will focus on development efforts, expanding upon CA’s public-private partnerships portfolio and advancing next-generation product design. Smith previously worked as president of the student living division.
“At CA Ventures, we are always looking ahead for growth opportunities, and the depth and experience of our team allow us to make strategic appointments that are integral to achieving our long-term investment objectives,” says Tom Scott, CEO of CA Ventures. “In their new roles, Michael, Matt, JJ and Bob will help propel CA into its next chapter of growth as we look to scale our portfolio to $30 billion in assets by 2024. The student and residential divisions will comprise more than half of those projections.”