Fort Worth, Texas—Inland American Communities, a wholly owned subsidiary of Inland American Real Estate Trust Inc., has acquired The VUE, a fully developed student housing property located on the Texas Christian University campus in Fort Worth, Texas.
“The VUE’s prime location, desirable student demographics and best-in-market amenities met Inland American’s core investment objectives and strategic approach to investing in higher yield investments at growing universities,” Travis Roberts, Inland American Communities’ president, tells MHN. “The VUE property aligned with Inland American’s long-term strategy to expand its student housing portfolio into top-tier university markets and maintain geographic and university/market diversification.”
The property, which opened in August 2012 at 100 percent occupancy, will be rebranded as a University House community, along with the company’s other student properties nationwide.
The four-story, mid-rise property contains 118 beds with high-quality finishes and cutting-edge amenities, including private bathrooms, pillow-top queen sized beds, granite countertops, stainless steel appliances and a 42-inch flat-screen TV in every suite. The VUE also features a rooftop lounge, fitness studio, H2O deck, plus a clubroom with HD TV’s and gaming station for students to enjoy.
The property also includes 6,000 square feet of retail space that is currently under construction and is projected to open in spring 2013.
“With the acquisition of The VUE, combined with our current purpose-built developments and pipeline of acquisitions, we are well on our way to accomplishing our goal of doubling the size of our portfolio,” Roberts says.
Currently, Inland American has properties at the University of Pennsylvania, University of Florida, University of Louisiana, University of Alabama, University of Central Florida, Sam Houston State University, North Carolina State University and Florida State University. In addition, University House developments are under way at the University of Oregon and California State University-Fullerton, both of which will open later this year.
Located one block south of TCU, The VUE is in close proximity to the vibrant mix of commerce, culture and entertainment in downtown Fort Worth. The convergence of two major interstates and two highways make the area easily accessible from all points within the metropolitan area.
In addition, TCU has recently invested considerable resources in new facilities, classrooms and laboratories, and is committed to creating a world-class and diverse university experience for students.