(Read more on the multifamily market.)
COLLEGE STATION, TX-JPI Lifestyle Communities LP has joinedforces with GE Real Estate to acquire a 240-unit, 588-bed studenthousing complex from LaSalle Bank Corp. of Chicago. The jointventure has bought the Zone at Texas A&M out of foreclosure for$25 million.
The fully leased Zone is situated on 16.23 acres at 2001Holleman Dr. West, about one mile of the campus. Frank Marro,managing director and chief information officer for GE Real EstateNorth America Equity in Norwalk, CT, points out student propertiesdo require constant capital infusion, which could be part of theunderlying reason for the foreclosure on the seven-year-olddevelopment. "The complex needed a little bit of rehab, which couldhave been a problem for the owner as well," Marro says.
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