PAC Buys 840-Bed Student Housing

The 42-building community in Waco, Texas, serves students attending Baylor University. Preferred Campus Management manages the asset.

By Adina Marcut

Preferred Campus Communities Waco in Waco, Texas
Preferred Campus Communities Waco in Waco, Texas

A joint venture led by Preferred Apartment Communities Inc. has added Preferred Campus Communities Waco, a 250-unit student housing community in Waco, Texas, to its portfolio. The 840-bed property, formerly known as Haven South, is serving students attending the Baylor University. Preferred Campus Management manages the asset.

PGIM Real Estate Finance has provided an approximately $31.4 million non-recourse first mortgage loan, with a two-year term and full-term interest only payments, for the refinancing of the property.

Located at 2255 S. University Parks Drive, the community is a few minutes away from Mayborn Museum, Cameron Park Zoo, McLennan Community College and approximately 70 miles from Fort Hood. Preferred Campus Communities Waco was completed in 2016 and features two- and four-bedroom units ranging in size from 885 to 1,902 square feet. The 42 three-and four-story buildings offer fully-equipped kitchens, TVs, washer/dryer and private bathrooms.

According to data provider Yardi Matrix, the development had an average monthly rental rate of $2,226 as of November. The pet-friendly community features common area amenities such as:

  • 2,000-square-foot fitness center
  • fire pits
  • Wi-Fi
  • resort-style pool and sun deck
  • covered kitchen with built-in grills
  • clubhouse
  • tanning rooms
  • game room
  • computer stations
  • private study rooms
  • movie theater

The joint venture also owns Stadium Village, a 198-unit, 792-bed student housing property serving the Kennesaw State University in Atlanta, Ga.

Image via Google Street View

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