JV Closes On 1,128-Bed Texas A&M Housing Deal
A joint venture between PCCP and The Dinerstein Companies has acquired two adjacent student housing communities totaling 1,128 beds at 1300 Harvey Mitchell Parkway South in College Station, serving students attending Texas A&M University. The properties formerly known as 2818 Apartments and Parkway Place have been combined and rebranded as Sterling College Station. Mountain Capital Partners and Homestead were the sellers.
Sterling College Station consists of two adjacent cottage- and garden-style communities that were delivered in 2008 and 2009. The property totals 350 units across a 44-acre site.
The unit mix consists of one-, two-, and four-bedroom floorplans with an average unit size of approximately 1,230 square feet (sf). On-site amenities include a covered basketball court, cabana with outdoor grilling station, beach volleyball court, 24-hour fitness center, private study rooms, 24-hour business center with cyber café, and a clubhouse with community kitchen, WiFi, game lounge and pool tables.
The joint venture plans to implement a comprehensive renovation and operational improvement program.
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Brokers
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Remax Professionals
Re/Max Real Estate Professionals | New York
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Eamonn McConnell
Avison Young - CA - ON - Greater Toronto
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout