Project Update – Bear Crossing

In March of 2023, a new chapter began for Bear Crossing, a prominent student housing complex located in the heart of Waco, TX, just steps from Baylor University. Over the past year, tremendous strides have been made to rejuvenate and reposition this asset in a competitive market. From comprehensive renovations to strategic management, our team has executed our business plan and the asset, as well as our investment partners, are benefitting. Let’s take an in-depth look at the transformative journey of Bear Crossing and its emergence as a leading choice for student accommodation.

Capital Expenditure Plan Realization

Bear Crossing has undergone a significant makeover since the commencement of the capital expenditure (capex) plan. The dedication to improving both the aesthetic appeal and functionality of the complex has been evident in every corner of the property.

Interior Refurbishment: The apartments now boast modern and comfortable living spaces, outfitted with updated finishes and fixtures that cater to the discerning tastes of today’s students.

Exterior Enhancements: The facade of the buildings has been revitalized, with repairs and fresh paint that breathe new life into the complex.

Green Initiatives

The commitment to sustainability is apparent in the upgrades made throughout Bear Crossing:

Energy-Efficient Lighting: The installation of energy-efficient lighting systems has not only reduced the carbon footprint but also resulted in cost savings.

Water-Saving Devices: By incorporating water-saving devices into the apartments, Bear Crossing is contributing to water conservation efforts while also lowering the utility bills for residents.

Branding and Artistic Touches

New Signage: The installation of new signage has been a key aspect of rebranding, giving Bear Crossing a refreshed and easily recognizable identity.

Exterior Mural: The addition of a vibrant exterior mural has added a unique artistic flair to the complex, making it stand out in the locality and fostering a sense of community among residents.

Stellar Management and Occupancy Success

Achieving Milestones Ahead of Schedule

The management company’s diligent efforts have been instrumental in filling vacancies at an impressive pace.

Rental Rate Achievement: Rental rates have not only met but also exceeded projections, reaching targets a full year ahead of the initial schedule.

Stabilized Occupancy: The complex has attained a stabilized occupancy rate above 90%, reflecting the high demand for quality student housing in the area.

Financial Foresight

The success in tenancy and rental rates has had a significant financial impact:

Lender Earnout: The performance of Bear Crossing has allowed for the securement of the first portion of the lender earnout, a testament to the financial prudence and foresight of the management.

Return on Investment: This financial stability has enabled the return of a portion of the invested principal to the investors.

Future Outlook and Market Position

Maintaining the Upward Trajectory

As Bear Crossing approaches the one-year mark of our business plan, the focus remains on maintaining the upward trajectory:

Earnout Completion: The expectation is set to receive the remaining portion of the earnout in March, solidifying the financial achievements of the past year.

Market Share Expansion

Growth and Expansion: With the performance of the asset thus far meeting expectations set forth in our business plan, there is a strong outlook for capturing more market share in the Waco area.

We are currently in the process of underwriting and negotiating on several other assets in the Waco MSA.

Continuous Improvement

Ongoing Efforts: The management is dedicated to continuous improvement, ensuring that Bear Crossing remains a coveted option for student housing.

Bear Crossing’s journey over the past year is a narrative of transformation and success. The comprehensive capex plan has dramatically enhanced the living experience for residents, while the adept management has translated into solid financial performance and investor satisfaction.

As Bear Crossing stands today, it is not only a testament to the potential of student housing projects but also a beacon of how strategic investments and management can yield exceptional results. With the commitment to maintaining this course and the anticipation of further market share acquisition in Waco, the future for Bear Crossing looks brighter than ever.

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  • Early Access to New Offerings
  • Event Invites
  • Monthly Newsletters
  • Access to Webinars and Educational Content Library