Texas Christian University Off-campus student housing
Location: 0.7 miles from Texas Christian University
Acres: 3.6 acres
55 Units/165 Beds
All Three Bedroom Apartments
Acquisition Cost: $12.45 M
Renovation Budget: $.52 M
Financing: $11.04 M Bridge Loan
Edge 55 student housing apartments is an off-campus community comprised of a total of 55 units/165 beds. The project is located within 0.7 miles from the Texas Christian University (“TCU”) main campus and within walking distance to a variety of shops and restaurants. The TCU campus is located about five miles from downtown Fort Worth. Per U.S. News and World Report, TCU is ranked #78 in National Universities in 2018. The property also provides direct shuttle service to the TCU campus. The project was purchased by RedBridge Capital in a joint venture with an American Family Office in January 2018.
We acquired the Edge 55 with an existing 90% occupancy and an in-place net operating income of approximately $0.91 million. Our strategy is to further enhance the existing amenities at the property, renovate the interior and exterior of the property (including, the clubhouse and swimming pool area), add enclosed patios and a dog park and eliminate existing property management inefficiencies to generate a higher rental rate.