June 10, 2020
NKF arranged the sale of The Element at University Park, a 312-bed student housing asset in Bryan, near Texas A&M University. Massachusetts-based Aspen Square Management traded it to Miami-based One Real Estate Investment (OREI) for an undisclosed sum.
Aspen Square was represented by NKF’s Ryan Lang, Brandon Buell and Jack Brett. Brad Shaffer and Brandon Miller from NKF’s Multifamily Capital Markets group collaborated with the Student Housing group to bring seller and buyer together.
“Major Tier-I institutions continue to be highly sought after, particularly amidst the short-term uncertainty, as capital continues to pursue the sector for the certainty it will provide in August,” said Lang. The property is 85% pre-leased for the fall 2020 semester, and OREI hired Houston-based Allied Orion Group to manage it.
Shaffer added, “The property also represented a value-add opportunity, as the interiors had not been upgraded since original construction.”
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