December 22, 2020 12:00 PM
Newmark announces the sale of Northpoint Crossing, a core-pedestrian, luxury asset with 627 units and 1,842 beds serving the prestigious Texas A&M University in College Station, Texas. 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 sellers, Woodridge Capital, a broad-based real estate investment and development company, and funds managed by Oaktree Capital Management, L.P. (“Oaktree”), a leading global alternative investment management firm, both based out of Los Angeles. Northpoint Crossing traded to 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. Newmark Transaction Manager Ben Harkrider provided crucial support to assist on the transaction.
“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. It’s 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 offers student residents one of the most comprehensive top-tier amenity bases in the market, geared towards resident entertainment, ease of accessibility and academic achievement. The property is adjacent to Century Square, a mixed-use development that offers live music, local markets, upscale shopping, bars and cuisine. Texas A&M is the largest university in the country with over 71,109 students enrolled as of Fall 2020 and is projected to grow 2 percent for the next 4 years.
About Newmark (Nasdaq: NMRK)
Newmark Group, Inc., together with its subsidiaries (“Newmark”), is a world leader in commercial real estate services, with a comprehensive suite of investor/owner and occupier services and products. Our integrated platform seamlessly powers every phase of owning or occupying a property. Our services are tailored to every type of client, from owners to occupiers, investors to founders, growing startups to leading companies. Harnessing the power of data, technology, and industry expertise, we bring ingenuity to every exchange, and imagination to every space. Together with London-based partner Knight Frank and independently owned offices, our 18,800 professionals operate from approximately 500 offices around the world, delivering a global perspective and a nimble approach. In 2019, Newmark generated revenues in excess of $2.2 billion. To learn more, visit nmrk.com or follow @newmark.
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