Arrimus Capital Buys Two Student Housing Properties, Hires New Associate
Arrimus Capital, a multifamily investment and development company, has purchased two new student housing properties, Prado Student Living in San Antonio and 212 East in Champaign-Urbana, Illinois, for an undisclosed sum.
Arrimus Capital, a multifamily investment and development company, has purchased two new student housing properties, Prado Student Living in San Antonio and 212 East in Champaign-Urbana, Illinois, for an undisclosed sum. The company has also hired Lance Knapp as an associate to focus on acquisition underwriting and asset management.
Prado is a 472-bed mixed-use student housing community located adjacent to the University of Texas. The property features an onsite coffee house, sandwich shop, Chinese restaurant and barber shop. Major amenities at the community include a clubhouse with a media area, game room, kitchen and study areas, a 24-hour fitness center, business center with study rooms, and a pool.
212 East is a 428-bed property walking distance to the University of Illinois’ Campustown district, which comprises eight city blocks and offers dining, retail and entertainment venues. Property amenities include a fitness center, group and private study rooms, a community lounge with billiards and televisions, and an outdoor courtyard with fire pit, grilling areas and hammocks.
“The two acquisitions offered excellent opportunities to invest in student housing adjacent to major universities that are poised for substantial growth over the next few years,” said Chris Lee, a partner at Arrimus.
Arrimus also hired Knapp, who previously worked at Griffin Capital Securities in Los Angeles as an acquisitions associate where he underwrote acquisitions of net lease office and industrial buildings located throughout the country.
Prior to Griffin Capital, Knapp worked at Eastdil Secured where he assisted in underwriting more than 145 million square feet of commercial real estate across a variety of property types. He received a bachelor’s degree in finance from New York University.
Arrimus Capital of Newport Beach, California, is a real estate private equity firm that specializes in value-add investments in supply constrained markets throughout the United States. The company focuses on acquiring, repositioning and developing student housing, multifamily and triple-net leased investment properties. The company has assembled a $290 million student housing portfolio since 2017 consisting of 3,700 beds across six major universities and four states.
