LUTZ SELLS UNIVERSITY SQUARE AND LAUREL RIDGE AT TEXAS A&M UNIVERSITY
BIRMINGHAM, MI (January 14, 2016): Lutz Real Estate Investments (“LUTZ”), in a joint venture with Harrison Street Real Estate Capital LLC (“Harrison Street”), has sold University Square and Laurel Ridge Apartments located near Texas A&M University in College Station, TX. Kevin Larimer of Berkadia represented the seller in this transaction.
Lutz and Harrison Street acquired University Square and Laurel Ridge in December of 2012. Upon acquisition, Lutz immediately implemented its plan to upgrade the unit interiors, re-tool the amenities, improve the technology infrastructure, and make select cosmetic upgrades at both properties. Additionally, an aggressive marketing campaign was established to renew current residents early and pursue prospective residents via social media / direct marketing.
“University Square and Laurel Ridge represented a compelling opportunity to acquire two niche, well-located student housing communities that were underperforming in a Tier 1 Collegiate Market,” commented Adam M. Lutz, President & CEO of Lutz Real Estate Investments.
“In three short years, our group was able to make strategic upgrades and implement an effective leasing program, which produced outstanding investment returns to our investors.”
Lutz Real Estate Investments is actively seeking infill student housing communities that are underperforming or present a value enhancement opportunity through renovation, redevelopment, or expansion. For potential acquisitions or investments contact Tony T. Landa, Senior Vice President, at firstname.lastname@example.org or 248.432.3200. For additional information, please refer to our website at www.lutzinvestments.com.
Lutz Real Estate Investments
Lutz Real Estate Investments is a privately held real estate investment firm with a history that spans more than 50 years. The company is comprised of a seasoned team of professionals with expertise in the acquisition, development, construction, and management of institutional grade real estate throughout the country. Lutz Real Estate Investments is a decisive buyer and reliable partner that has successfully developed and/or acquired over $3.5 billion of real estate investments.
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Harrison Street Real Estate Capital
Harrison Street Real Estate Capital LLC is one of the leading real estate investment management firms that offer innovative investment products across both private and public real estate segments. The firm has created a series of differentiated investment products across multiple risk/return platforms. The 70+ person team is headquartered in Chicago, Illinois. Currently, the firm and its affiliates manage approximately $7.9 billion in assets on behalf of some of the world’s largest institutional investors.
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