COLLEGE STATION - Interwest Capital Corp. purchased the 904-bed Woodlands of College Station. The Class A student housing complex serves Texas A&M University.
A management contract for an additional 440 beds was also included in the transaction.
According to the Brazos Central Appraisal District, the seller was an LP based in Athens, Ga. The appraisal district assesses the complex at $33.8 million.
The student housing property at 1725 Harvey Mitchell Pkwy. is close to 100 percent occupied and "preleasing for the upcoming 2013-2014 academic year has been incredibly strong," commented Interwest investment analyst Justin Shifrin.
The buy has enabled Calif.-based Interwest to continue its growth both in the student housing sector and in Texas, where it already owns three other multifamily properties. Woodlands of College Station is the company's fifth buy in the Lone Star State.
A total of 557 units were originally constructed, with a portion of the project dedicated as for-sale condominiums and the remainder as rental apartments.
Now that Interwest has closed on the five-year-old property, the next step is to complete furnishing the remaining units (half of the units are leased on a furnished basis).
Read more at Multifamilybiz.com and Interwest.