COLLEGE STATION, Texas – (Realty News Report) – In one of the year’s largest student housing transactions, investors have acquired Northpoint Crossing, a major rental community serving Texas A&M University, the nation’s largest public university with more than 71,109 students enrolled.
Northpoint Crossing is a 627-unit, 842-bed community that was purchased by a joint venture between affiliates of Ares Management Corporation, a global investment manager, and Timberline Real Estate Ventures, a New York–based private equity real estate firm.
According to Newmark, the sale price was not disclosed. The transaction ranked as the second-largest single-asset sale by value in the student housing sector for 2020, and one of the top 10 single-asset student housing transactions since 2010.
Newmark Vice Chairman and head of the Student Housing Group Ryan Lang, together with Associate Director Jack Brett, represented the sellers: Los Angeles–based Woodridge Capital, a real estate investment and development company, and funds managed by Oaktree Capital Management, L.P., a global alternative investment manager.
“This is one of the largest single-asset transactions of the last 10 years, demonstrating the resilience and appeal of the student housing sector even in a challenging environment,” Lang said. “Major capital providers remain focused on high-quality student assets because the sector has outperformed expectations during the pandemic. Northpoint Crossing benefits from a prime location in one of the country’s fastest-growing student markets. Its walkable connection to Century Square and the Northgate entertainment district makes this mixed-use property a distinct and enduring asset for the Aggie community.”
Constructed in 2014 and 2015, Northpoint Crossing sits just across the street from the north corner of the Texas A&M campus, offering convenient access for students.
Northpoint Crossing borders Century Square, a 60-acre mixed-use development by Houston-based Midway. Century Square features restaurants, retail, live music venues and two boutique hotels, The George and Calvary Court. In 2019, Century Square was refinanced by funds managed by Ares Management Corporation’s Real Estate Group.
Texas A&M enrolled more than 71,109 students as of Fall 2020 and is projected to grow approximately 2 percent annually over the next four years. Founded in 1871 and opening for classes in 1876, the university was originally chartered as the Agricultural and Mechanical College of Texas and is home to the Texas A&M Corps of Cadets.
On the athletic front, Texas A&M’s football program finished the season ranked No. 5 nationally in 2020 and did not make the College Football Playoff that year, a decision that drew criticism toward the selection committee.
Dec. 23, 2020 Realty News Report Copyright 2020
File: Huge Texas A&M Project Sold 12-23-2020
File: (2) Student housing. Newmark. Ares Management. Huge Texas A&M Project Sold to Ares-Timberline JV. College Station. Midway.