COLLEGE STATION, Texas – (Realty News Report) – In one of largest student housing deals of the year, investors have acquired Northpoint Crossing, which serves Texas A&M University, the largest university in the nation with over 71,109 students enrolled.
Northpoint Crossing, a 627-unit, 842-bed complex, was acquired by a joint venture of affiliates of Ares Management Corporation, a global investment manager and Timberline Real Estate Ventures, a private equity real estate investment firm based in New York.
According to Newmark, the property sold for an undisclosed price that represented the second largest single-asset sale in terms of transaction value in the student housing space in 2020 and one of the 10 largest since 2010.
Newmark Vice Chairman and head of the Student Housing Group Ryan Lang and Associate Director Jack Brett represented the Los Angeles-based sellers, Woodridge Capital, a real estate investment and development company, and funds managed by Oaktree Capital Management, L.P., a global alternative investment management firm.
“This is one of the largest single-asset transactions of the last 10 years, proving the resilience and attractiveness of the sector within a challenging climate. Major capital groups continue to focus on quality student assets given the sector has outperformed all market expectations throughout the pandemic,” said Lang. “Northpoint Crossing is uniquely positioned within one of the fastest growing student markets in the country. Its pedestrian access to both Century Square and the Northgate entertainment district makes the mixed-use asset a differentiated mainstay at A&M.”
Developed in 2014 and 2015, Northpoint Crossing is located across the street from the north corner of the Texas A&M University campus.
Northpoint Crossing is adjacent Century Square, a 60-acre mixed-use project developed by Houston-based Midway. Century Square has restaurants, retail, live music venues and two boutique hotels, The George and Calvary Court. Last year, the Century Square was refinanced by funds managed by Ares Management Corporation’s Real Estate Group.
Texas A&M with over 71,109 students enrolled as of Fall 2020 is projected to grow 2 percent for the next 4 years. The university, home to the Texas A&M Corps of Cadets student organization, was founded in 1871 and classes began in 1876. The Texas legislature originally named it the Agricultural and Mechanical College of Texas.
The Texas A&M Aggie football team, currently ranked No. 5 in the nation, was left out of the 2020 College Football Playoffs, leaving the playoff selection committee open to criticism.
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.