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5/14/24
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Time Equities Inc has acquired The Armory, a student housing property located near Sam Houston State University (SHSU) in Huntsville, TX. The property, which features 145 units and 502 beds, was sold by Stonemont Financial, a real estate investment and development firm headquartered in Atlanta. The asset was 96% occupied at the time of purchase.
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 10k sf 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 Ave, 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.
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.
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.
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