Allied Orion Group Tapped to Manage Texas Student Housing
- Jun 05, 2020
Allied Orion Group has now added student housing to its property management portfolio as the company has been hired by One Real Estate Investment to manage its off-campus student housing in Bryan, Texas.
Located at 4475 Carter Creek Parkway, the 192-unit Element at University Park offers nearby student housing options for those attending Texas A&M and Blinn College. Built in 2000, the one- and two-bedroom apartments range from 638 to 900 square feet and come in furnished and unfurnished options with patios and balconies in some units.
The property’s amenities include tennis courts, a putting green, a dog park, a business center, community bicycles for its residents and an outdoor area with ping pong, cornhole and horseshoes. Element at University Park is also located close to Highway 6 and roughly 2 miles away from Texas A&M and nearly three miles away from Blinn College.
ALLIED ORION’S FIRST STUDENT HOUSING COMMUNITY
Property owner OREI acquired Element at University Park on May 15 with the help of a 10-year Freddie Mac acquisition loan that was arranged by Berkadia’s Mitch Sinberg and Brad Williamson. According to OREI, Berkadia’s Chinmay Bhatt, Noam Franklin and Cody Kirkpatrick secured Electra Capital as an equity partner for the transaction.
When OREI acquired the property, the company replaced the property managers Aspen Square Management with Allied Orion because of the previous experience the two had together. Loyal Proffitt, Allied Orion’s president, told Multi-Housing News that Allied Orion also manages five other Texas properties for OREI located in Austin, Houston and Fort Worth. Proffitt also told MHN that Element at University Park is the company’s first student housing property in its portfolio.
Elsewhere in the state, Allied Orion was also tapped to manage the roughly 600-unit North Post Oak Lofts in Houston. In total, Allied Orion’s management portfolio counts more than 103 properties in Texas and also spans to Alabama, Arkansas, Colorado, Florida, Louisiana and North Carolina.