Peak Campus to Manage Texas Student Housing
- Oct 18, 2019
Peak Campus has been tapped to manage an upcoming, 405-bed luxury student housing community serving the University of Houston. The 147-unit property, Tower 5040, is slated to deliver in time for the Fall 2020 semester.
Located at 5048 Calhoun Road in Houston, the project will feature studio, one-, two- and four-bedroom layouts, all of them fully furnished. Features of the premium apartments will include private washers and dryers in every unit, quartz countertops and stainless steel appliances. The community will also offer top-tier amenities from a pool and hot tub to study lounges, a fully equipped business center and a fitness center.
The eight-story community includes five stories of wood-framed apartments atop three stories of parking, according to general contractor Arch-Con Corp. The community is located south of Wheeler Avenue, a short walk from campus. The University of Houston is the third-largest in Texas, with an enrollment of more than 46,000 students.
WGC Development, in concert with an unnamed institutional investor, broke ground on the project earlier this year. Multiple news outlets have identified WGC Development as a partnership between Rocky Stevens and Mark Seger of Wellington Development Co. and Steve Spessard of private equity firm Gore Creek Partners LLC. The venture bought the land, the former site of the Sigma Chi fraternity house, in 2016. Nick Gonzalez of GRC Capital reportedly arranged financing for the project.
Neighboring asset refinanced
Aspen Houston, a 717-bed community that also serves the University of Houston, was part of a three-property student housing portfolio that received $92 million in financing this past May. The two-building community at 4971 Martin Luther King Blvd., just down the road from the Tower 5040 site, is owned by Aspen Heights and Safanad.
Peak Campus has developed more than 15,000 beds of student housing nationwide and currently manages more than 50,000 beds, making it the second-largest private operator in the U.S. The company’s new management contracts this year have included properties in Columbia, S.C. (serving the University of South Carolina), Lexington, Ky. (serving the University of Kentucky), and Davie, Fla. (catering to several universities in the Miami area).