Rockstreet, ApexOne Buy East Texas Student Housing Property
- Jul 07, 2014
Huntsville, Texas—Rockstreet Partners, a Dallas-based real estate investor, and Houston-based ApexOne Investment Partners, have acquired Brook Place Apartments, a 532-bed student housing property. The community is near Sam Houston State University in Huntsville, Texas, which is north of Houston.
The property is on Sam Houston Ave. near the university’s Huntsville campus. Amenities include a fitness center, resort-style pool, basketball court, sand volleyball court and a computer lab.
The purchase was an off-market transaction, and the participants in the deal didn’t disclose a price. The property dates from 2004, and is currently 95 percent preleased for the 2014-15 academic year. Sam Houston State University has more than 19,000 students.
Rockstreet co-founder Travis Furr notes that now’s a good time to invest in student housing in Texas for a number of reasons. One is the state’s high population growth generally, but there are also a greater number of young people seeking college degrees than previously, and so more demand for housing. Since 2000, total enrollment in Texas’ four-year public universities has increased by about 50 percent.
This is the second Texas student housing acquisition for the partners in recent months. Earlier this year, Rockstreet and ApexOne bought the 400-bed College Edge, which is near both Blinn College and Texas A&M University in central Texas.