Michael Hales is the newlyappointed president of CA Ventures' student livingdivision.

CHICAGO—Locally-based CA Ventures says it will embark on a$12-billion investment strategy for the firm's North Americanstudent housing and residential divisions.

In connection with the newly launched investment initiative,CA Ventures has promoted four seniorexecutives to help guide the firm's growth.

The promotions include Michael Hales to president of the firm'sstudent living division, Matt Booma to president and global head ofCA's residential division, JJ Smith to the newly created role ofmanaging principal of CA's student living division, and BobFlannery to chief operating officer.

"At CA Ventures, we are always looking ahead for growthopportunities, and the depth and experience of our team allow us tomake strategic appointments that are integral to achieving ourlong-term investment objectives," said Tom Scott, CEO of CAVentures. "In their new roles, Michael, Matt, JJ and Bob will helppropel CA into its next chapter of growth as we look to scale ourportfolio to $30 billion in assets by 2024. The student andresidential divisions will comprise more than half of thoseprojections."

Hales as president of the student living division will driveinvestment, development and operational strategy for the$4.7-billion division. Under Hales' leadership, the platform isprojected to grow threefold over the next five years, totaling $14billion in assets by 2024. The student housing giant's growth planswill be supported by expanded product and service offerings, suchas third-party management, the company states.

As the new president and global head of residential, Booma willmanage investment and operational strategy for the firm'sresidential division, whose portfolio is projected to double insize by 2024. The vertically integrated residential platform plansto deploy $3 billion of capital over the next five years in topU.S. metropolitan statistical areas and other select strategicmarkets.

CA Ventures LLC maintains an international portfolio thatincludes $13 billion in assets throughout the North America, SouthAmerica, and Europe. While initially focused on student housing,CA's investment focus now includes student living, senior living,multifamily, industrial, and office.