NACOGDOCHES, TX–PRIME Multifamily Investors in conjunction with Presidium Group has purchased a student housing community here. The 132-bed facility is located near Stephen F. Austin University.  The purchase price and seller were not disclosed.

“Social House is an outstanding asset in good physical condition in one of the most desirable student locations in Nacogdoches,” says PRIME co-CEO Walker Molinare. “The community is well-located and performing at strong levels with upside potential to significantly increase rental income through value-add renovations.”

The student housing community is being rebranded and renamed to Social House. In addition to the new name, the property will receive $700,000 in capital improvements. Interior upgrades will include units' interior flooring, hardware, plumbing, lighting fixtures and appliances. Exterior renovations will encompass the building exteriors, amenities and common areas. Amenities include a pool, clubhouse, outdoor gaming area, volleyball court and picnic area.

Earlier this month, Presidium acquired a 252-unit apartment complex in North Houston. The Live Oak Bend Apartments will receive significant upgrades to both the interior and exterior and then will be renamed.

As GlobeSt.com reported, at the start of the year, Presidium Group announced plans to build a 300-unit apartment complex in Southeast Austin on a 9-acre site near East Riverside Drive and Wickersham Lane.