Time Equities Buys Texas Student Housing Asset

The community is within walking distance of Sam Houston State University’s campus.

The student community at 2257 Sam Houston Ave., in Huntsville, Texas.
The Armory at Sam Houston features a swimming pool, fitness center and multiple study rooms. Image courtesy of Time Equities Inc.

Time Equities Inc. has acquired The Armory at Sam Houston, a 145-unit, 502-bed student housing community in Huntsville, Texas, for $25.8 million. This marks the company’s first student asset purchase in the state.

Stonemont Financial Group sold the property, advised by Newmark. The developer completed the community in 2018 with funds from a $24.5 million construction loan originated by SouthState Bank, according to Yardi Matrix information.

The six-story building comprises studio and one- to five-bedroom layouts ranging between 336 and 1,900 square feet. The fully furnished units feature washers, dryers, walk-in closets and private balconies or patios for select floorplans.

Common-area amenities include a rooftop amenity deck, swimming pool with tanning deck, dog park, fitness center and yoga studio, along with study rooms. Additionally, the Armory at Sam Houston has more than 210 parking spaces and a clubhouse.

Located on nearly 3 acres at 2257 Sam Houston Ave., the community is within walking distance of the Sam Houston State University’s campus and close to a host of dining and retail options, including the West Hill shopping mall. Downtown Huntsville is roughly 1 mile away.

Time Equities had in-house representation from Senior Acquisition & Asset Manager Bobby Cohan and Acquisitions Head Brad Gordon. Newmark Vice Chair Ryan Lang brokered the deal on behalf of the seller. Last month, Lang was part of the team that arranged the acquisition financing for The William, a 370-bed student housing community in Athens, Ga.