Looking for Multi-Family Project close to Students

Tonight I focused on looking for multi-family housing for sale in the SMU vicinity. The "Signature Pointe" property on Lovers and Matilda would be an incredible spot (very close to SMU and near Central Market, banks, Office Depot, bookstore etc.) that's been through the economic down turn - got taken back by a bank from an owner who had planned a new high density "multi-use" zoning, which the neighboring condo owners disapproved of. Compass Bank then sold the property to Jonathan Perlman, a senior housing developer. I can not see senior housing going over well there - seniors walking to the DART rail?? - nonethless, that's what's in the works. So, on to some other property options: Mc Commas and Henderson Ave. Two multi- unit apartment blocks are for sale on Mc Commas. It's perfect for students who love the lower Greenville and M Streets area, but don't want to pay the high rents of the houses in the area. (Rents going around $600-$800.) And - a 4% cap rate seems hard to beat. I'm going to get more info, and research the pro forma numbers some more and see which property comes out on top.