April 29, 2017
Arrimus Capital purchased the 465-bed, Class A Campus Vue at 4459 N. MacGregor Way in Houston from the developer, Fountain Residential Properties. The buy is the California investor’s second in Texas since the start of 2017. Jaclyn Fitts and Casey Schaefer with CBRE brokered the transaction.
Campus Vue, comprised of 145 units within two five-story buildings, is less than a block from the University of Houston. Arrimus Capital’s Chris Lee said that Campus Vue offered “outstanding fundamentals, and was a missed opportunity for a strategic REIT buyer.” In addition, while a few off-campus student housing projects are in the pipeline for, none are adjacent to the University of Texas.
The sales activity follows Arrimus’ buy of the 1,044-bed Forum at Denton Station student housing property, which serves the University of North Texas in the far north Dallas suburb of Denton, TX. Arrimus closed on Denton Station in February 2017.
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