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8/26/20
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PV Asset Management has obtained a $9.5 mil construction loan for the development of 120 student housing units in Prairie View, TX. The site is walking distance to the Prairie View A&M University (PVAMU) with enrollment of approximately 9,000 students. With this loan, construction has now commenced with completion anticipated for Q2 2021.
The loan was provided by Parkview Financial and will be used exclusively for the first phase of a 390-unit student housing project situated on 12.5 acres at 625 Elm Street Prairie View, within a 30-acre master-planned project called Prairie View Plaza. In addition to the student housing portion, Prairie View Plaza will ultimately include 70 townhomes for sale, 100 apartments and 58k sf of retail.
The units will include 72 one-bedroom/one-bath units totaling 625 sf and 48 two-bedroom/two-bathroom units totaling 900 sf. All units will include a washer/dryer, full kitchen appliances, and walk-in closets. The project’s common area amenities will feature a pool, tennis courts, bike/walking trails, and a clubhouse.
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