College Station - June 21st, 2016 - ApexOne Investment Partners, a Houston-based investment firm and fund manager, has completed the purchase of Gateway at College Station from a California-based tenant-in-common partnership. Gateway represents the 5th purpose-built student housing asset purchased by ApexOne in the past twenty four months and brings their student portfolio to over 3400 beds. ApexOne has additional student assets in Kansas, South Carolina and Arizona.
"We are happy to complete another successful transaction with this Seller," said Jim Hearn, Founder and Managing Partner of ApexOne. "This property has performed well for the past ten years, but is now a perfect candidate for our value enhancement program."
Gateway at College Station consists of 292 units/960 beds and is located less than 1/2 mile southeast of the Texas A&M campus. The property was developed in 1998 and consists of one, two, three and four bedroom suites ranging in size from 573 square feet to 1280 square feet. Amenities include two resort-style swimming pools, 24 hr. fitness facility, basketball court, sand volleyball, business center, pool side grill, 24 hr. game room and TV room, bike racks and full clubhouse. Unit features include, full furnishings, private baths, built-in desks, microwave ovens, washer/dryers, patios and fully equipped kitchens.
A value-enhancement program will begin immediately after closing and will include upgrades to the exterior paint and color schemes as well as numerous interior unit enhancements. Upon completion of the upgrade program, the property will be held in portfolio for cash flow and appreciation.