Student Housing Repositioning Project
Nimes bought this well located, but then-distressed, asset from a bankruptcy proceeding in 2014 with a plan to maximize the asset’s performance via investment of long-deferred capital, replacement of the property management team and aggressive asset management. Built in 2001, this a 282-unit, 784-bed Class B, garden-style student housing asset positioned for the UT-Austin student body. Ballpark North was the first of the portfolio of five adjacent student housing assets acquired by Nimes, directly in the expected path of gentrification. Since the acquisition of the asset in 2014, Nimes has implemented an amenity and interior upgrade program resulting in net operating income increases that returned 94% of invested capital in the first 3.5 years of ownership. Nimes continues to operate the asset and is currently in the process of re-zoning the site for potential re-development, thereby creating further value.