Nelson Partners Pays $100M for Austin Student Housing Asset
Located near the University of Texas, the 18-story Skyloft is fully occupied and is already 77 percent leased for the 2019-2020 academic year.
Nelson Partners Student Housing has acquired Skyloft, a newly delivered student housing property located one block from the University of Texas in Austin. The asset traded for $100 million and was previously owned by Johnson Trube & Associates.
The 18-story Skyloft was built in 2018 at 507 W. 23rd St. on less than one acre and it comprises 674 beds. The property is fully occupied and the company noted that for the 2019-2020 academic year, occupancy is at 77 percent. Units feature washers and dryers and above-standard ceiling height, while common-area amenities include a fitness center, a business center, a clubhouse, a rooftop swimming pool, an Amazon package receiving system, full-meal vending machines, study lounges, a subterranean parking and an on-site marketplace.
Nelson Partner’s current portfolio expansion follows last year’s acquisition of The Fairway, a 298-bed student housing asset situated near Purdue University in West Lafayette, Ind.
“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,” Pat Nelson, president & CEO of Nelson Partners, said in prepared remarks. “It offers the best in every category from location to amenities”.
Images courtesy of Nelson Partners