Texas Student Housing Gets New Owner

Oso Verde in Waco, Texas. Image courtesy of JLL Capital Markets

Dallas-based Bullseye Development has sold Oso Verde, a 103-unit, 297-bed student housing property in Waco, Texas, to Versity Invest. The community is located near Baylor University.

The sale price of the property at 2501 S. University Parks Drive could not immediately be learned. JLL Capital Markets worked on behalf of the seller and the buyer. The JLL Capital Markets Advisory Team was led by Managing Directors Teddy Leatherman and Scott Clifton, as well as Director Kevin Kazlow.

The property was built in two phases between 2015 and 2016. The previous owner had secured a $17 million Fannie Mae CMBS 10.8-year loan originated by Greystone in December 2017, according to Yardi Matrix data.

Prime location

Located less than 1 mile from the Baylor University campus, the 6-acre property has 12 two-and three-story buildings. Oso Verde has one-, two-, four- and five-bedroom units which are fully furnished. Units range in size from 600 to 1,725 square feet, with an average of 1,181 square feet. Units feature 10-foot ceilings, vinyl plank wood flooring, walk-in closets, flat-screen televisions, granite countertops, stainless steel appliances, washers and dryers and private bathrooms for all bedrooms. The units have patios and balconies. Direct access garages are available in townhouse units. The average rent per bedroom is $875, according to Yardi Matrix data.

Community amenities include a shuttle bus service, resort-style pool with a spa and lounge deck, fitness center, volleyball and basketball courts, and putt-putt golf. There are 315 onsite parking spaces and detached garages are available for an additional monthly fee.

The property is a 5-minute drive to McLane Stadium and offers easy access to Interstate 35. Students are near downtown Waco and the Waco Riverwalk, which offer shopping, dining and nightlife options.

Versity, a real estate investment company located in Orange County, Calif., specializes in student housing and multifamily properties across the United States. The firm has a portfolio valued at nearly $2 billion across 22 states. In October 2021, Versity acquired Oakbrook Apartments, a 466-bed student housing community in Baton Rouge, La., from RISE for $34.7 million. The property serves students at Louisiana State University located less than 2 miles from the complex.