(Read more on the multifamily market.)

|

COLLEGE STATION, TX-Five months after acquiring the 158-unitCourtyard Apartments, Aspen Square Management Inc. has closed onits next-door neighbor, the 408-unit Briarwood Apartments. Bothassets were bought from Newport Beach, CA-based BriarwoodTrust.

|

Although the prices were kept quiet due to confidentialityagreements, similar complexes in the area are trading for $30,000to $35,000 per unit. The West Springfield, MA-based Aspen Squareowns more than 1,300 units in the College Station MSA with thepurchase of the 9.52-acre Briarwood Apartments at 1201 Harvey Rd.The acquisition of Courtyard Apartments at 600 University OaksBlvd. was completed last September.

|

According to Jeffrey L. Patterson, vice president with ApartmentRealty Advisors' Austin office, assets like Briarwood Apartmentsand Courtyard Apartments are in high demand among investors becauseof the strong fundamentals in the College Station market. He tellsGlobeSt.com that increased enrollment at Texas A&M Universityis spurring demand for rental units. "Rental activity during thepast 18 months in this market has been five times what it's beencompared to three years before," he adds.

|

Patterson, who teamed with ARA's transaction manager KellyWitherspoon on the deal, explains Briarwood caught Aspen SquareManagement's eye last fall while the Courtyard transaction wasclosing. Briarwood had been under contract at the time, but "itfell out of escrow, primarily because of financing problems,"Patterson says. "And as soon as it was dropped, Aspen Square camein, put it under contract and quickly closed."

|

Built in 1971, Briarwood Apartments was 98% occupied at the timeof sale. The mix consists of one- and two-bedroom apartments,ranging from 600 sf to 1,200 sf. Monthly rents go from $465 to$690.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.