PAC Buys 840-Bed Student Housing

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

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