Preferred Campus Communities, a wholly owned subsidiary of Preferred Apartment Communities, has purchased The Tradition, an 808-bed student housing asset in College Station, Texas, from Haven Campus Communities.
The buyer financed the acquisition with a $30 million bridge loan, funded by Macquarie Group. The mortgage, which has an interest-only, three-year term, features a floating interest rate of 400 basis points over the 30-day LIBOR.
Located at 301 Church Ave., the five-story student community sits one block west of Texas A&M University’s campus. The property is adjacent to a wide variety of dining options, and the Earl Rudder Freeway runs three miles to the northeast, providing access throughout College Station and the wider region.
Upgraded units, amenities
The property offers a mix of 427 one- and two-bedroom units. The seller recently completed more than $20 million in renovation work on both the building’s apartments and common areas. Community amenities include:
- outdoor swimming pool
- 24-hour fitness center
- movie theater room
- club room
- 20 study rooms
- Starbucks coffee bar
“This acquisition increases the size of the PCC portfolio to five student housing communities across four states,” said Paul Cullen, CEO of PCC, in a prepared statement. “The Tradition is located just steps from the Texas A&M campus and was completely renovated in 2017 to provide best in class student-centered amenities and finishes.”
In April 2018, California Private Capital Group acquired a central Texas student housing community in Waco.
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