AUSTIN – (Realty News Report) – Nelson Partners, a California-based student housing investment and property management firm, has acquired Skyloft, a new 18-story, 674-bed student housing high-rise in Austin.
The $100 million transaction ranks as one of the largest single-asset deals in the student housing industry, according to Newmark Knight Frank.
Ryan Lang, vice chairman and head of NKF’s Student Housing group, together with Brandon Buell, managing director and Jack Brett, transaction manager represented an affiliate of JE Dunn Capital Partners, in the transaction.
The tower, built in 2018, is located across the street from the University of Texas at 507 West 23rdSt.
“We are extremely fortunate to have acquired what we believe is one of the premier student housing projects not just in the market, but across the entire country,” said Pat Nelson, president & CEO of Nelson Partners, a firm based in Aliso Viejo, Calif.
Skyloft is located in West Campus District, the most popular and amenity-dense neighborhood in the UT market. Skyloft’s resort-style features include a market-exclusive eighteenth-floor rooftop pool with 360-degree views of UT and downtown Austin, a 150” jumbotron LED TV.
“Utilizing our unmatched expertise in the West Campus market alongside our capability to bring both foreign and domestic capital to the sale process, we were able to secure record-setting pricing for our client,” said NKF’s Lang. “Skyloft was one of the most sought-after student housing assets in recent history given its excellent build, luxury amenities and premier location within one of the best-performing university markets in the country, a market that also happens to be minutes from downtown Austin – a hotbed for multifamily investment.”
March 12, 2019 Realty News Report Copyright 2019