San Antonio, Texas, and Akron, Ohio — The Luxx and The Depot are under construction, and both will be complete in 2014.
San Antonio, Texas and Akron, Ohio — Ron Davis, senior vice president of the Dallas office of Johnson Capital, a national real estate capital advisory firm, has arranged $18.64 million in joint venture equity financing for the construction of two new student housing developments in San Antonio, Texas, and Akron, Ohio. The developer is The NRP Group, which recently commenced construction on the two projects with scheduled completion prior to the fall 2014 semester. The source of the equity is a corporate investor looking to grow its portfolio.
The Luxx is the San Antonio complex, which will contain 212 units with 668 beds and cost $32 million to build. The 15.12-acre site is just east of the main University of Texas, San Antonio campus.
In Akron, Ohio, NRP is building The Depot, a $37 million project that will contain 192 units and 624 beds. The 3.3-acre site is located on the southwest boundary of the main University of Akron campus. The existing building, which was the site of the old Akron Beacon Journal newspaper sorting and storage facility and oiginally a freight station for the Erie Railroad, has been deteriorating for years. It will be taken down to make way for the new apartment community.
“These two transactions speak to our ability to bring together a top-five national multifamily developer with a private equity group to facilitate the development of top-tier assets,” Davis says.