HOUSTON–Rockstreet Partners has expanded its student housing portfolio with the purchase of Brook Place Apartments. The 532-bed property at Sam Houston State University in Huntsville, TX was built in 2004 and is 95% pre-leased for the upcoming school year. The purchase price was not disclosed.
“We’re very pleased to be serving the Sam Houston community,” says John Turner, a principal and co-founder at Rockstreet Partners. “This is one of Texas’ faster growing four-year, public universities, and we believe Brook Place’s strong historical occupancy and proximity to campus make this assert an excellent addition to our portfolio.”
Amenities include a fitness center, resort-style pool, basketball court, sand volleyball court and computer lab.
The student housing property was purchased in conjunction with joint venture partners ApexOne Investment Partners.
The purchase of Brook Place Apartments is the second Rockstreet and ApexOne have partnered on. As GlobeSt.com reported in April, the JV 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.
Properties like Brook Place Apartments and College Edge Apartments fit perfectly into Rockstreet’s preferred investment type – student properties at mid-sized Texas universities.
“The state’s high population growth generally, coupled with the greater proportion of young people seeking college degrees, has underlined a near 50% aggregate total enrollment growth across the state’s four-year public universities since 2000,” says Rocksteet co-founder, Travis Furr.