Atlanta and San Marcos, Texas — ARA has brokered the sales of student housing properties serving Georgia Tech and Texas State.
Bancroft and Epp also arranged the sale of The Zone, an apartment community located in San Marcos that serves Texas State University. The Class A asset was developed in 2001 and was fully leased for the current school year. It contains 696 beds in 258 units. ARA represented the seller, Aspen Square, in the transaction. The buyer was Horizon Realty Advisors. Acquisition financing was procured by Jones Lang LaSalle through Berkadia Commercial Capital. The loan carries a 10-year term, a fixed interest rate and interest-only payments.
Both properties contain several amenities common of luxury student housing properties today. Both have resort-style swimming pools as well as clubhouses. Units at MetroPointe Lofts average 1,247 square feet and feature loft-height ceilings and stained concrete floors. The community also features a 1,786-space parking garage. The Zone's clubhouse features a business center, a fitness center, private study lounges, a game room, basketball and volleyball courts, and a dog park.