Seattle — Horizon Realty Advisors acquires two close-to-campus properties.
Seattle — Horizon Realty Advisors has acquired three apartment communities in Oregon and Texas. Apartment Realty Advisors National Student Housing Group (ARA Student Housing) brokered the sale of the two-property portfolio near Texas A&M University. The third property is in Corvalis, Ore., near Oregon State University.
The Zone and The Enclave, both in College Station, Texas, were built in 2000 and 1994, respectively. The Zone is a 240-unit, 588-bed student housing property. The asset features a resort style pool, fitness center with two tanning facilities, basketball court, and a volleyball court. Other amenities include a game room with billiards and a business center. The Enclave offers 536 beds in 340 units as well as a resort-style pool, fitness center with tanning bed, basketball and volleyball court.
ARA National Student Housing Co-Directors, Chris Bancroft and Chris Epp along with ARA Texas Secondary Markets Broker Kelly Witherspoon represented the sellers in the transaction.
"The Zone and The Enclave were two of the most sought after student housing opportunities we've seen in a very longtime" Epp says. "This portfolio presented a rare opportunity to immediately scale in a mature student housing market with two very complementary assets. These factors created a very competitive bidding environment that ultimately netted 12 offers across a diverse spectrum of investors, including several first-time student housing bidders."
Both communities were more than 98 percent occupied when they were acquired.
Grand Oaks is a 125-unit, 249-bed community in Corvallis, Ore. The property was constructed in 2002. This is Horizon's fourth owned and managed community in Oregon with the other three in Eugene. This acquisition was headed by director of acquisitions and principal, Tim Smith.