WACO, TX- Lutz Real Estate Investments, in a joint venture with Harrison Street Real Estate Capital, acquired Abbey Glenn Apartments from Aspen Square Management. The 378-bed student housing complex is near to Baylor University.
Located at 700 S. 4th St., Abbey Glenn is within walking distance to Baylor’s campus core and the downtown entertainment district. The complex is also located near Baylor’s new football stadium, which is slated to open in 2014. Lutz Real Estate plans to make select upgrades to the 98%-occupied property’s exterior and existing amenities.
Abbey Glenn is Lutz’s second Texas buy; it already owns a 760-bed student-housing portfolio that serves Texas A&M University in College Station, TX on which it closed in late 2012.
“For the past 18 months, LREI has been focusing its acquisition strategy on student housing,” says Adam M. Lutz, president and CEO of Lutz Real Estate Investments. “Our investment platform targets infill student housing communities located near major universities that are walkable to campus and the nearby entertainment district.”
He also tells GlobeSt.com that LREI is on the lookout for value-add properties that can be enhanced through better management, redevelopment, renovation and expansion. “Abbey Glenn offers an ideal blend of cash flow stability and upside potential via select upgrades,” Lutz adds.
Drew Anderman and Alan Blank of Walker & Dunlop’s New York office arranged the acquisition loan under Freddie Mac’s Capital Markets Execution Program.