Baltimore, MD – A joint venture owned by Alex. Brown Realty (ABR) and Asset Plus Companies (Asset Plus), a Houston-based real estate management firm, has sold Crossing Place Apartments in College Station, Texas to Seattle-based Horizon Realty Advisors, LLC. HFF represented the Seller.
The 384-bed complex at 400 Southwest Parkway is located approximately 1 mile from Texas A&M University’s campus. ABR and Asset Plus purchased the property at an attractive basis in May 2012 via an off-market transaction. The joint venture subsequently implemented strategic capital improvements, which permitted material increases in rental rates. The property is currently 100% leased for the 2013/2014 school year.
“From the outset, we had confidence that our investment in Crossing Place would be very successful,” said Michael McGrath, Chairman and President of Asset Plus. “Our low-basis, coupled with a successful marketing strategy and strong market fundamentals allowed for a timely and profitable disposition.”
“Asset Plus again proved themselves an excellent partner at Crossing Place,” commented John Prugh, ABR’s President and CEO. “We are extremely pleased with the attractive return that this investment has generated for our investors.”
Crossing Place Apartments represents the second joint venture between ABR and Asset Plus. Asset Plus also provides property management services for four additional properties owned by ABR investment programs.
Alex. Brown Realty (ABR) is a privately-owned real estate investment manager organized in 1972 and headquartered in Baltimore, Maryland. ABR co-invests with joint venture partners in a broad spectrum of property types located throughout the United States. www.abrealty.com
Asset Plus Companies (APC) is a Houston-based real estate management firm specializing in maximizing value for owners, developers and investors of conventional, student, affordable, tax credit, military and senior housing nationwide. APC was founded in 1986. www.assetpluscorp.com