Waco, Texas — The joint venture has acquired more than 1,600 beds at three universities.
Waco, Texas — Lutz Real Estate Investments and Harrison Street Real Estate Capital have acquired Abbey Glenn Apartments, a student housing community adjacent to Baylor University. Drew Anderman and Alan Blank of Walker & Dunlop’s New York office arranged the acquisition loan under Freddie Mac’s Capital Markets Execution Program.
Abbey Glenn consists of 378 beds and offers several amenities. The property is within walking distance to Baylor’s campus core and the entertainment district in downtown Waco. Baylor will open a new football stadium in 2014 near Abbey Glenn, and Lutz Real Estate Investments says it ill begin making upgrades to the exterior and amenities. Asset Campus Housing will manage the property. This purchase represents the third acquisition in a series of student housing investments planned by the joint venture of Lutz Real Estate Investments and Harrison Street Real Estate Capital. Over the past 15 months, Lutz and Harrison Street have acquired more than 1,600 beds at three major universities.