Luxury Student Housing Asset in Austin Changes Hands
- Sep 25, 2018
CBRE’s national student housing division has coordinated the sale and financing of Aspen Heights West Campus, a 166-unit high-rise in Austin, Texas. A joint venture between The Preiss Co. and TH Real Estate purchased the student housing luxury asset from Aspen Heights Partners.
CBRE’s Jaclyn Fitts, William Vonderfecht, Casey Schaefer, Charles Cirar, Michael Wardlaw and Colin Cannata brokered the sale, while Ben Roelke and Ian Walker of the company’s debt and structured finance team in Dallas worked on behalf of the joint venture in arranging the financing. Northwestern Mutual provided a five-year, fixed-rate loan featuring a sub four percent interest rate, full-term interest only and a flexible prepayment structure.
Located at the corner of Rio Grande and W. 21st streets in the city’s West Campus neighborhood, Aspen Heights includes 464 beds. The newly built asset is within walking distance of University of Texas at Austin, while Texas State Capitol is a five-minute drive away. The 17-story pedestrian community totals 165,708 square feet of rentable space and includes a sixth-floor pool, fitness center, two private study rooms, study bar, four lounge areas and two community kitchens.
Image courtesy of CBRE
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