Newmark Closes Sale of Premier Student Housing Asset Serving Sam Houston State University in Huntsville, Texas

May 13, 2024 12:00 PM

Newmark announces it has completed the sale of The Armory, a premier student housing property located near Sam Houston State University (SHSU) in Huntsville, Texas. The property, which features 145 units and 502 beds, traded from Stonemont Financial – a real estate investment and development firm headquartered in Atlanta – to the New York-based full-service real estate company Time Equities, Inc. The asset was 96% occupied at the time of purchase.

Newmark Vice Chairman and head of the Student Housing Capital Markets team Ryan Lang, Managing Director Jack Brett and Director Ben Harkrider represented the seller in the sale transaction.

“Our team was pleased to execute a deal with Time Equities, a newer equity entrant in the sector,” said Lang. “The student housing asset class continues to outperform with record high rental rate growth trending for the 2024-2025 academic year.”

Built in 2018, The Armory spans 2.5 acres and offers a mix of studio to five-bedroom units, catering to a diverse range of student preferences and needs. Community amenities include a 10,000 square-foot clubhouse, a resort-style pool, a dog park, a putting green, soundproof study rooms and a state-of-the-art fitness center with tanning beds and a yoga room, as well as a seven-story parking garage with 387 spaces plus guest parking.

Located at 2257 Sam Houston Avenue, The Armory offers easy access to university classrooms and athletic facilities, as well as off-campus dining, shopping, recreation and entertainment options, all within walking distance. Moreover, the property is within a one-hour drive from Houston, ensuring excellent highway and freeway access.

SHSU’s 10-year master plan to expand academic programs and infrastructure, paired with the university’s ongoing enrollment growth, underscore the potential for sustained student housing demand in the Huntsville market. Furthermore, the region’s positive economic indicators, characterized by a burgeoning population, stable income levels and a healthy employment landscape, reinforce projected market stability and growth.

About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. For the year ended December 31, 2023, Newmark generated revenues of approximately $2.5 billion. As of March 31, 2024, Newmark’s company-owned offices, together with its business partners, operate from approximately 170 offices with 7,600 professionals around the world. To learn more, visit nmrk.com or follow @newmark.

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