Development of 120-Unit Student Housing
Prairie View, TX
Parkview Financial has funded a $9.5 million construction loan to PV Asset Management for the development of 120 student housing units located at 625 Elm Street Prairie View in Prairie View, TX. The site is walking distance to the Prairie View A&M University (PVAMU) with enrollment of approximately 9,000 students. With this loan, construction has now commenced with completion anticipated for Q2 2021.
Parkview’s loan will be used exclusively for the first phase of a 390-unit student housing project situated on 12.5 acres within a 30-acre master-planned project called Prairie View Plaza. In addition to the student housing portion, Prairie View Plaza will ultimately include 70 townhomes for sale, 100 apartments and 58,000 square feet (sf) of retail.
“We are pleased to provide this financing to PV Asset Management, an experienced real estate investment manager and developer that is focused on developing student housing at underserved universities,” said Paul Rahimian, CEO of Parkview Financial.
Rahimian added, “Many traditional lenders shy away from student housing in general, especially in rural areas such as Prairie View, Texas. However, we did extensive research and identified the huge shortfall of student housing supply for PVAMU. This project is really needed and desired by the community. The City, the university and the students have all been extremely supportive of this important project.”
The 120 units will include 72 one-bedroom/one-bath units totaling 625 sf and 48 two-bedroom/two-bathroom units totaling 900 sf. All units will include a washer/dryer, full kitchen appliances, and walk-in closets. The project’s common area amenities will feature a pool, tennis courts, bike/walking trails, and a clubhouse.