Local experts say class C communities in College Station trade for $30,000 to $40,000 per door. Using those metrics, Polo Club Apartments sold for $7.1 million to $9.5 million. The local appraisal district has assessed the property at $6.9 million.

The local owner obtained debt from a local community bank to acquire Polo Club Apartments, according to Witherspoon. He was able to get a loan with 75% leverage.

Located at 700 Dominik Dr., the property offers one-, two- and three-bedroom units averaging 817 square feet. Unit amenities include patio/balcony, spacious walk-in closets, tile floors, ceiling fans, fully equipped kitchens with gas cooking appliances, high speed Ethernet and basic extended cable. At the time of closing, Polo Club was 99% occupied.

“The Bryan-College Station MSA continues to be a highly sought after investment market for prospective buyers looking to own near one of the largest universities in the country,” Witherspoon says. “Although there has been an increased level of apartment construction within the past couple of academic years, most properties have leased-up well and are now stabilized. The University continues to set enrollment records and has ongoing campus construction projects exceeding $800 million.”

A previous version of this story incorrectly identified the buyer and seller. Sandstone Investments was the seller and a local investor was the buyer.