One Real Estate Investment Acquires Element At University Park
College Station, Texas – Jeronimo Hirschfeld, President and CEO of One Real Estate Investment (OREI), announced the purchase of a 192-unit apartment community in College, Texas.
Element at University Park was built in 2000, with an additional 45 units constructed in 2008. The property is located at 4475 Carter Creek Parkway, Bryan, TX 77802 and is situated 1.8 miles from Texas A&M University, the second largest university by population in the United States. Bryan is located an hour and a half north of Houston. OREI intends to complete exterior and amenity enhancements including, but not limited to, beach volleyball court, outdoor gym, roof patching, and package lockers. In addition to exteriors, OREI will implement a light interior value-add program upgrading appliances, adding smart thermostats, and screened in porches.
One Real Estate Investment owns two assets in Houston, and has one under contract. Element at University Park will be the first property the firm has acquired in Bryan/College Station, TX, though OREI has a diverse portfolio in terms of Texas submarkets. In addition to the two Houston assets, the firm has properties in both Dallas and Austin.
The deal was sourced through a careful and diligent tracking process. Element at University Park had fallen out of contract with another buyer, when OREI contractually secured the asset within two days of the previous agreement failing.
Element at University Park is an exciting opportunity within the state of Texas where we have been actively expanding our strategic footprint,” stated Hirschfeld. “The property’s demographics coupled with our streamlined business plan will prove to be a wonderful combination and a winning formula for the asset’s performance”
About One Real Estate Investment Founded in 2001, One Real Estate Investment (“OREI”) is a privately owned, Miami-based real estate investment and asset management company. OREI is a disciplined investor, manager, and operator focused on acquiring multifamily assets in the Southeast United States and Texas. The firm’s expertise is in executing and managing a strategic asset repositioning, amenity upgrade, and operational optimization programs to maximize value for its tenants, investors, and communities in which it invests. The firm’s deals are capitalized by proprietary funds and programmatic relationships with institutional, family office, and ultra-high-net-worth capital partners.
OREI has over 3,000 units under management nationally and has acquired and sold over 8,000 value-add multifamily units since its inception.