Atlas Real Estate Partners Acquires Three New Student Housing Properties
- Nov 11, 2011
New York—New York-based Atlas Real Estate Partners have acquired three student housing properties. Two of the properties, which are located in Texas, are undergoing renovation and rebranding that will establish them as premier properties with the closest proximity to campus. The 172-unit property at the University of North Texas and 100-unit property at Texas A&M Commerce will begin pre-leasing for the Fall 2012 semester early next year.
Atlas also closed a three-property portfolio in the Mission Hill neighborhood of Boston that is in close proximity to the Longwood Medical area, as well as several universities with a combined enrollment of more than 35,000 students. The portfolio is within walking distance of two other properties Atlas acquired in March.
“Our niche is value-add conventional multifamily and student housing opportunities where we can create value through our vertically integrated platform by enhancing the physical asset, improving the tenancy, rebranding the asset, and instituting a disciplined management process,” Atlas founders Arvind Chary and Alex Foster tell MHN. “We are attracted to student housing opportunities due to their recession resilient characteristics, and we target transactions in close proximity to growing universities with an enrollment of more than 10,000 students.”
Additionally, Atlas will continues to focus on value-add opportunities in Texas, as well as core-plus multifamily opportunities in Florida, Massachusetts and New York.