JV Continues Expansion in Austin Student Housing Market
The purchase of Signature 1909 marks The Preiss Co.'s third acquisition in joint venture with TH Real Estate, and brings its current market presence to 3,640 beds.
The Preiss Co., in partnership with TH Real Estate—an affiliate of Nuveen, has acquired Signature 1909, a 464-bed student housing community in Austin, Texas. Aspen Heights Partners sold the recently completed 17-story high-rise.
The property is located at 1909 Rio Grande St., within walking distance from the University of Texas at Austin. A wide variety of retail and restaurant venues complete the area. Signature 1909 offers one- to five-bedroom open floorplans, including private bedrooms and bathrooms, as well as in-unit laundries.
The controlled-access building features a rooftop pool with infinity spillover pool and ample lounge seating, picnic lounge, fitness center, two private study rooms with flat screen televisions, study bar, four lounge areas, outdoor grill stations and two community kitchens. Moreover, the property has a four-and-a-half-story underground parking garage with 234 spaces and bike storage.
“With West Campus neighborhood achieving 5.5 percent average rental growth since 2010 and indications that the University of Texas at Austin student enrollment will grow by 5.4 percent by 2020, we believe that Signature 1909 offers tremendous upside for leasing and rental growth,” Donna Preiss, founder & CEO of TPCO, said in prepared remarks.
The transaction marks the company’s third acquisition in joint venture with THRE, and brings its current market presence to 3,640 beds. CBRE handled the sale and financing of the community.
Images courtesy of Yardi Matrix
