An apartment property within a block of the University of Texas Rio Grande Valley has a new ownership group in a move solidifying it as a housing option for students.
A private individual purchased the 40-unit apartment property, called University Drive Apartments, at 2111 W. University Drive in Edinburg, Texas, in a deal totaling $3.4 million. The nearly 35,000-square-foot property helps ensure there's added housing to serve the southernmost member of the University of Texas system.
This property purchase was selected by a panel of local industry professionals as the winner of the 2024 CoStar Impact Award for sale of the year for McAllen/Edinburg/Pharr.
About the Deal: At one time, the University of Texas Rio Grande Valley expressed interest in acquiring the apartment property to house its football team. However, a deal with the university couldn't materialize in time, leading the private individual to acquire the property in a complex deal from the seller, the V.L. & L.M. family of McAllen. The deal took 147 days to complete from when the seller began marketing the property.
What the Judges Said: The sale will have a "lasting and positive impact," on university student and faculty life, said Rebecca Olaguibel, who represents business development for the city of McAllen.
He Made It Happen: Cesar Cepeda of RE/MAX Associates represented both sides of the deal.