College Station, Texas — This is the second transaction in a partnership between Harrison Street Real Estate Capital, which invested most of the equity, and VerTex.
College Station, Texas — VerTex Student Housing Partners, a joint venture of Vermilion Development and TEXLA Housing Partners, has acquired a 308-unit, 828-bed student housing development at Texas A&M University. The acquisition marks the second transaction in a partnership with Harrison Street Real Estate Capital. The VerTex student housing portfolio also includes assets at the University of Mississippi and the University of Kentucky.
“With this acquisition, we continue our student housing platform’s growth, which now totals 2,000 beds and more than $70 million in assets,” says Dave Cocagne, president and CEO of Vermilion Development.
The acquisition is being financed by a $26 million loan with GE Capital. Harrison Street invested the majority of the equity, with investors affiliated with Vermilion Development and TEXLA Housing Partners providing the balance. VerTex Student Housing Management will act as property manager of the asset.
Known locally as The Heights, the 828-bed student apartment community was constructed in 2001. It consists of 17 three-story residential buildings, a clubhouse and leasing office. In addition to re-branding the property, the partnership will implement operational and capital improvements. The joint venture expects to attract undergraduate and graduate student residents from Texas A&M University and Blinn College.