Value Added By Interwest
Interwest’s acquisition proved to be very intricate and necessitated a delicate balance between financial, legal, and operational aspects. Originally Woodlands of College Station was built as 557 apartments and condominiums (Interwest purchased the remaining developer-owned units). The property has a homeowners association structure that ensures that both the apartments and condominiums contribute equitably to the shared facilities and general property maintenance. Besides deciphering the multiple sets of books, understanding the property’s homeowners association and shared facilities proved to be one of the more difficult aspects of the purchase. Interwest leases bed spaces within the apartments and it also provides management services to individual owners in the community for a collective bed count of approximately 1,200 beds. In 2018 and 2019, Interwest undertook a major renovation of all common areas via a special assessment to all owners. The finished product included private study rooms, indoor/out versatile gym space that can be used for yoga, cycling among other things, rock climbing wall in the gym, tanning beds, sauna, outdoor gazebo and redesigned 2 lever pool featuring beach entry, built-in bars, and stools along with a tile logo feature at the bottom of the pool. The student housing market in College Station experienced a lot of new supply levels in 2017-2018 and the renovation was key in keeping the community relevant and desirable in a competitive market.