Wellington Closes TX Student Housing Sale
- Apr 05, 2018
Hayes Modular Group has sold the West Campus Lofts, a 180-bed student housing community in central Texas. The buyer, California Private Capital Group, financed the acquisition with a loan closed by Hunt Capital Partners, according to McLennan County records. A Wellington Realty team represented the buyer in the transaction.
Old building, new life
Located at 805 S. 8th St. in Waco, the community is within half a mile of both Interstate 35 and the Baylor University campus. The property opened its doors in 2017 after the prior owner redeveloped it. Previously, the structure—built in 1922—was home to South Waco Junior High School. Hayes’ project involved bringing in pre-fabricated, modular units which were then assembled on site.
“The new owner purchased a newly renovated historic high school that had been vacant for years. For the (past) decade, Baylor University has seen a large enrollment increase that has created the need for additional housing in the area,” said Tammy Shaffer, brokerage associate with Wellington, in a prepared statement. “The renovation not only helped the city, but it also has fulfilled a need for the community.”
The asset includes a mix of one- to four-bedroom units, ranging in size from 480 to 1,272 square feet. According to the property’s website, monthly rents start at $550. Community amenities include a 24-hour fitness center, an outdoor swimming pool, a game room and a study lounge.
Image via Google Earth