URSA Baylor
840 Bed Student Housing | Waco, TX
250 / 840
Units / Beds
OUR PORTFOLIO
Case Studies
Description
Built in 2017, Ursa is a 250-unit, 840-bed student housing apartment community located in Waco, TX. Ursa serves Baylor University and is a five-minute drive from the center of the University through the usage of Baylor’s shuttle system. Ursa’s amenities include a resort-style pool, private study rooms, volleyball court, clubhouse, fire pits, theatre room, fitness center, outdoor grilling stations, and a dog park.
Location
2255S University Parks Dr
Waco, TX76706
Opportunity + Execution
Execution: Value Add | Deal Source: Relationship based (fully marketed)
- Ursa has a strong reputation amongst the students of Baylor. Ursa is well known for its townhomes and large resort style pool. There is not much purpose-built townhome product serving Baylor, which is a highly desired apartment-type among prospective tenants.
- Palladius has the opportunity to improve the operations and tenant experience. The operational execution plan includes overhauling the marketing program to focus more on resident life events. Additionally repairs & maintenance and turn expenses will also be streamlined.
- Ownership did not invest the requisite capital needed to enhance the asset and maximize rent growth. Palladius will improve common areas and fix deferred maintenance. Additionally, a light value-add program will be implemented on unit interiors.
- Baylor has grown enrollment by 33% over the past decade and serves approximately 21,000 students. The University had a record student body size for the ‘23/24 academic year with the current academic year being the third in a row that total enrollment exceeded 20,000 students. Additionally, Baylor had a record-breaking 56,000 applications for the ’24/25 academic year. Baylor also completed construction of their $213M basketball arena in Q1 2024.