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BRYAN, TX-A 336-unit, class A apartment complex in Bryan has just hit the market and it is expected to draw more interest than a blue-chip football player does at neighboring Texas A&M University.

Signature Park, built in 2001, is about 92% occupied and should be closer to 100% by August, closer to the start of the fall semester at A&M, says Don Ostroff of Grubb & Ellis Co., who’s marketing the property with his partner, Will Balthrope. Ostroff says that they’ve received interest from companies that specialize in student housing as well as from companies that don’t.

The seller is Bryan-based Birkel International, which developed it with Godfrey Construction, also based in Bryan. A market source tells GlobeSt.com that the property is expected to draw 50 or more offers, which should net the seller more than the $21 million asking price.

The complex has one-, two- and three-bedroom apartments and floor plans ranging from 628 sf to 1183 sf. Although it is five minutes from the university, just one-third of the units have been reserved by students, Ostroff tells GlobeSt.com. “Some of the developers have discovered that not all students want to live in student housing even if it’s nice and new and classy,” he says. “So being less than five minutes from campus, they have the enviable position of being able to lease to students or people unrelated to A&M.”

Birkel and Godfrey built another apartment complex in the area a few years ago. It was subsequently sold to JPI, which sold it to a company that specializes in college housing.Not only does Bryan-College Station have the lowest unemployment rate in Texas, usually under 2%, it’s getting more jobs, Ostroff says. Several developments including a conference center and an office project will bring even more workers to the area, a key market indicator for apartment-complex.

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