The Marc, a College Station apartment complex that has struggled with crime in recent months, has been sold.
According to a March 5 announcement from CBRE Group, a commercial real estate services and investment firm that arranged the transaction on behalf of the seller, Dallas- and Austin-based Presidium Group has purchased the property for an undisclosed price. The Marc is located at 505 Harvey Road.
According to Brazos Central Appraisal District records, the property has been owned by New York-based Vesper Holdings since 2011. It’s valued at about $7.6 million.
“With former ownership operating The Marc as a by-the-bed student housing property, new ownership has the opportunity to lease by-the-unit year-round to capture young professionals and students,” said Jaclyn Fitts, CBRE’s director of national student housing, in the press release announcing the sale. “Additionally, the asset offers an excellent value-add opportunity.”
Lindsay Colbert, chief operating officer of Presidium Group, said renovations to the 478-unit complex started about a week and a half ago and will be ongoing for about the next six months. Upgrades will include roof replacements, new windows, exterior accent paint, new HVAC systems, a full remodel of the leasing office and fitness center, as well as new flooring, blinds, appliances and other updates to the units. She said work will be done as units turn over.
The complex’s name will stay the same for now, but Colbert said a rebranding will probably come later in the year.
“From our perspective, the most important task at hand is making The Marc an enjoyable home for our residents and enabling them to enjoy their amenities, units and property grounds in general,” Colbert said.
A new management team, Asset Campus Housing, also was brought in upon the purchase. Colbert said tenants can look forward to improvements in their units and amenities, as well as increased levels of customer service.
Potential changes to rent prices as a result of the sale are yet to be determined.
The Marc was built in 1969 and expanded in 1977, according to the press release announcing the sale, and currently offers one-, two- and four-bedroom units.
The complex has had problems with crime in recent months, with two separate shootings in November and January. In the first case, a 27-year-old man was robbed and shot in the leg while he met in the parking lot of the apartments with two men who he said were going to buy merchandise from him. Police returned two months later when a woman was shot inside her unit.
According to the College Station Police Department, officers responded to 750 calls at The Marc in 2017. There have been 287 calls so far this year.
Presidium Group’s website states that it specializes in “turning around distressed or under-performing” apartment complexes by buying Class B or C properties. Those properties then undergo “comprehensive repositioning to attract the highest socioeconomic possible for the project location, and improving operating efficiencies” using the expertise of Presidium’s construction, sustainability and property class management departments, according to the website.
Colbert said the company typically acquires value-add deals such as The Marc where it puts in “pretty significant renovations.” Presidium Group will be “putting some life back into the property,” she said, and is excited to be entering into the Bryan-College Station market, especially given the complex’s proximity to the Texas A&M University campus.