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BRYAN, TX-GE Real Estate has financed the acquisition of the 372-unit Reveille Ranch Apartments near Texas A&M University to the tune of $29.8 million. The loan is the Norwalk, CT-based lender’s first one with Jamespoint Management Co., a long-time local owner of student housing in the Bryan-College Station area.

Situated on 25 acres at 3645 Wellborn Rd., the four-year-old asset, with 972 beds, was sold by Campus Lodge Apartments of Bryan LP in Chicago. Lance Wright, regional manager for GE Real Estate’s Southwest region, says 94%-leased Reveille Ranch was the seller’s sole holding in Texas.

For the buyer, however, it’s a different story. Jamespoint owns 1,784 units in the area. “If you’re going to make a loan in College Station,” Wright says, “these are the guys to make it to.” The 78% loan-to-cost package has a three-year term and 6% fixed-rate interest.

Wright tells GlobeSt.com that the new owner plans to boost the property’s value by increasing occupancy and extending leases. “With the large amount of student housing they own, there are some great economies of scale there,” he adds.

The 21-building complex has one-, two- and four-bedroom units. The units average 1,086 sf, with monthly rents averaging $1,238. Jay Wagley, managing director and Matt Mattox, vice president of CBRE


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