Harrison Street JV Lands Loan for Texas Student Housing
The high-rise is located near Texas A&M University.
The 873-bed student housing community was financed with a loan from Kennedy Wilson. Image courtesy of Kennedy Wilson
A joint venture between The Dinerstein Cos., Up Campus Student Living and Harrison Street has secured a senior construction loan from Kennedy Wilson. The financing will back the construction of Aspire A&M, a 19-story, 873-bed student housing community in College Station, Texas.
The size of the loan could not immediately be learned. Construction is slated to begin in the second quarter of 2024, with the project expected online for the beginning of the 2026-2027 academic year.
The financing was arranged by Peter Marino, William Howe and Jim Ferris in CBRE’s Chicago office. Thomas Whitesell, head of the Debt Investment Group, at Beverly Hills, Calif.,-based Kennedy Wilson led the team that originated the financing for Aspire A&M.
Situated across the street from Texas A&M University on University Avenue, within the Northgate Entertainment District, the community is located within walking distance of the College of Engineering, Mays Business School, the Memorial Student Center, Kyle Field, the Student Recreation Center and various local dining destinations. The building will also have 11,000 square feet of ground-floor retail space and 718 garage parking spaces. Amenities will include two rooftop pools, fitness facilities, study rooms, a theater and game lounge.
More student housing
Significant enrollment growth at Texas A&M University underscores the demand for quality student housing in the area. Other student housing properties near the campus include Aspire College Station. TDC, a Houston-based development, construction and property management company that develops and acquires multifamily and student housing communities, completed the 15-story, 816-bed asset in 2019.
In July 2022, Parallel broke ground on 401 First Street, a 10-story, 750-bed property that is slated to open this summer. The property is located within a mile of Texas A&M. Last fall, Parallel opened Rev, which has 802 beds, at 315 College Main St. in College Station.
Aspire A&M is not the first joint venture between Harrison Street, a Chicago-based investment management firm focused on alternative real estate, and TDC. Last month, a JV between the two firms sold The Parker, a 484-bed student housing community in Tucson, Ariz., serving the University of Arizona, to an Inland Real Estate Group affiliate for $132.5 million. The 10-story building had come online in 2021.
