Arrimus Announces Student Housing Acquisition, New Hire
The Class A property, located less than a block from the University of Houston, offers 654 beds within two five-story buildings and was named “Best Off-campus Apartments” property by the university’s students.
Arrimus Capital continues to expand its Texas footprint. The investment and development company announced taking ownership of Class A student housing property Campus Vue in Houston. Fountain Residential Properties sold the 465-bed, 96 percent occupied asset for an undisclosed amount. Following the acquisition of the 1,044-bed Forum at Denton Station, the team led by partners Ray Wirta, Chris Lee and Ryan Gahagan has closed more than $100 million in student housing deals in the last 90 days.
Campus Vue is sited on 3.5 acres and consists of two five-story buildings at 4459 N. MacGregor Way, less than a block from the University of Houston and is the only off-campus housing option adjacent to the university. Last year, the property received the “Best Off-Campus Apartments” title from the university’s students. Furthermore, Campus Vue is green certified through Fannie Mae’s Green Globes program, which incentivizes environmentally sustainable multifamily assets. The Green Globes rating system is administered by the Green Building Initiative nonprofit.
Common area amenities include a game room, fifth-floor outdoor deck, study lounges with conference rooms, a resort-style pool and a courtyard area. The units are fully furnished and feature granite countertops, pendant lighting, stainless steel appliances and washers and dryers.
Campus Vue offered “outstanding fundamentals and was a missed opportunity for a strategic REIT buyer. We were able to solve some operational challenges to obtain an attractive valuation and are forecasting superior risk-adjusted returns without taking into consideration a potential phase two development opportunity. Campus Vue is a very high quality property that would be a flagship asset in any REIT portfolio,” Chris Lee said in prepared remarks.
Jaclyn Fitts and Casey Schaefer with CBRE’s National Student Housing team in Dallas represented both Arrimus and Fountain Residential Partners in the transaction.
Arrimus also announced that Caroline Stephenson has joined the company as a managing director. In her new role, she will be responsible for acquisition underwriting and asset management of the company’s multifamily and student housing investments. Previously, Stephenson has worked at Starwood Mortgage Capital in Newport Beach.
“As we continue to execute our business plan to acquire more than $1 billion in student housing assets over the next three years, Caroline will play an extremely important role in managing the company’s student housing and multifamily properties to generate maximum value and return for our investors,” added Lee.
Images courtesy of Yardi Matrix & Arrimus Capital