Student Housing Near Baylor University Gets New Owner
- Mar 29, 2016
Waco, Texas—Domain at Waco Apartments, a student housing property located near The Baylor University in Waco, Texas, now has a new owner thanks to a $26 million Freddie Mac loan from Hunt Mortgage Group.
The property spans seven buildings with three stories of one-, two- and four-bedroom units. The community was developed by Asset Campus Housing in 2014 and opened in fall 2015. Its 564 beds are currently 100 percent student occupied.
Hunt Mortgage Group Director Yogesh Joshi described the buyer as “a seasoned commercial real estate and multifamily investor that has been active owner-operator for many decades” who is “a solid repeat Hunt Mortgage Group customer.”
Founded in 1845, Baylor is a private Christian university with 15,000 students. According to Hunt Mortgage Group’s release, the university is “in growth mode.” The property is within walking distance from Baylor and is located on the university’s bus route.
Domain at Waco Apartments is a newly built Class A property with a variety of amenities, including a 24-hour fitness center, free tanning, game room, outdoor fire pit and grilling stations, swimming pool, theater room and a volleyball court. The community is gated and offers onsite management and maintenance as well as individual leases, which allow students to pay rent on their individual bed, instead of for the whole unit.
Hunt Mortgage Group is a subsidiary of Hunt Companies Inc., which provides commercial real estate financing throughout the U.S. The company has been active so far this year, with some of its deals including providing a $40 million loan for a mixed-use community in Columbus, Ohio in March, and a $5.4 million loan for two multifamily communities in Florida in February.
Images courtesy of Hunt Mortgage Group