Rockstreet Partners JV Acquires Student Housing Community in Bryan, Texas
- Mar 27, 2014
Bryan, Texas—Rockstreet Partners LLC has announced that it has acquired College Edge Apartments in Bryan, Texas, after entering into a joint venture with ApexOne Investment Partners to own and operate the asset. The transaction closed last month for an undisclosed price and the seller was not identified.
“The unique student housing market in Bryan/College Station area was a major draw for Rockstreet,” Rockstreet Principal and Co-Founder John Turner tells MHN. “The area includes both Texas A&M University and Blinn College’s Bryan Campus. College Edge Apartments is located directly adjacent to Blinn College, which is a major feeder school for TAMU.”
The 400-bed student housing asset serves the student population at Blinn College’s Bryan campus, which is a community college with an enrollment of about 12,700, and Texas A&M University (TAMU) in neighboring College Station, Texas, which boasts an enrollment of about 58,800. The existing community is located adjacent the Blinn College campus and serves primarily that student population.
Turner says that there is a Texas state law that passed in 1997 and is commonly referred to as the “Top 10 Percent Rule” and the law automatically grants admission to state-funded universities for Texas high school students that graduated in the top 10 percent of their class.
“The rule makes freshman admission to four-year universities like TAMU exceptionally keen, forcing many underclassmen to complete their initial coursework at two-year colleges before transferring to major schools,” he says. “Blinn College is very unique in this regard insofar as it located just a few miles away from TAMU, which allows its students to become integrated into the TAMU community while taking classes at Blinn.”
Rockstreet Co-Founder Travis Furr says that the community is already 99 percent occupied and that the strategy with the asset is to make improvements amenities and interiors.
“Today’s consumers of student housing have higher expectations; the improvements we’ve planned should meet those demands further enhancing this property’s appeal to students and parents alike,” he says.
Turner cited specifics to those plans telling MHN: “Our business plan calls for a significant upgrade to the property’s clubhouse, placing washers/dryers in all units, complete revamp of the website, various cosmetic improvements, and converting the existing pool into a resort-style design.”
Rockstreet Partners launched last year and College Edge Apartments marked the company’s second investment. The first was a multifamily acquisition in Atlanta last fall.
“We’re incredibly excited about this project,” Turner says.