Continuing its expansion into the student housing sector, Time Equities Inc. has acquired The Armory at Sam Houston, a student housing complex located at 2257 Sam Houston Ave. in Huntsville, Texas for $25.75 million. This acquisition marks TEI’s fourth venture into student housing, and its first property in the sector in Texas.
Built in 2018, the 145-unit/502-bed development stands as the nearest privately owned student housing property to Sam Houston State University’s campus.
“The purchase of The Armory presented TEI with an exceptional opportunity to further our student housing portfolio in a new market,” said Bobby Cohan, senior acquisition and asset manager at TEI. “We continuously identify value and growth potential in student housing nationwide, and we are actively seeking new acquisitions to augment our portfolio within this asset class.”
TEI strategically targets assets serving public, tier 2 institutions, catering to schools with a student population ranging between 10,000 and 20,000. TEI also owns assets at East Tennessee State University in Johnson City and Tennessee Tech University located in Cookeville, as well as a property in Richmond, Virginia that serves Virginia Commonwealth University (VCU).
“Time Equities was the ideal candidate to acquire The Armory, given their track record of success with student housing projects in Tennessee,” said Ryan Lang, head of student and co-head of Alternative Real Estate Assets at Newmark, who served as Stonemont and TEI’s broker for the transaction.
TEI was represented in-house by Bobby Cohan and Brad Gordon. The seller, Stonemont, was represented by Newmark.
