HOUSTON – Rockstreet Partners, through a joint venture with ApexOne Investment Partners, has purchased the College Edge Apartments in Bryan, TX. The 400-bed community serves as housing for both Blinn College and Texas A&M University students.
John Turner, Rockstreet co-founder, tells GlobeSt.com, the company was enthusiastic about the deal due to the “the unique student housing market in Bryan/College Station” as well as the prime location – directly adjacent to Blinn College.
Blinn College does not offer housing options for its students, making College Edge Apartments an ideal option.
“There is no better option for Blinn students,” Turner says. “They can literally walk from their unit to campus in under five minutes.”
Plans are already in place to renovate the property, adding to its amenities and interiors. Turner says the improvements will include unit upgrades such as placing washers and dryers in every unit, as well as upgrading the property’s clubhouse and converting the existing pool into a resort-style design.
The property is fully occupied for the 2013-2014 school year and contains one-bedroom, two-bedroom and four bedroom floorplans.
Rockstreet continues to scour the market for similar investments in the student housing market. Turner says, the “difficult thing today, however, is finding assets where we are comfortable with both the asset and the price. There is so much more capital in the market today chasing deals—in our view this is bidding prices beyond the point of reason for many assets.”
While this is Rockstreet’s first venture with ApexOne, the company has previously worked with ApexOne’s principals when they were with a different company.