Presidium Acquires Student Housing Portfolio in Austin
- Nov 29, 2016
Austin, Texas—University Estates and University Village, two student housing communities located in Southeast Austin, have been acquired by Presidium Group LLC. Combined, the properties consist of 846 units and 2,700 beds.
University Estates, located at 1300 Crossing Place, is a 38-building community completed in 1997. It offers 498 units with two- to four-bedroom floor plans, while common area amenities feature a fitness center, business center, clubhouse, tennis court, basketball court, swimming pool and around 700 parking spaces. Unit amenities include private balconies/patios and semi-private entries.
University Village is a 348-unit community located at 1301 Crossing Place. Built in 2001, the 35-building property offers two- to four-bedroom floorplans. Common amenities include a fitness center, business center, clubhouse, two swimming pools, spa, basketball court and 600 parking spaces.
The financial details of the transaction were not disclosed. According to Yardi Matrix data, the two communities were acquired by Investcorp in 2013 from The Preiss Co. University Estates sold for $60 million with a $44.9 million CMBS loan, while University Village traded for an undisclosed amount, but with a $30.7 million loan Investcorp assumed at the time of the acquisition.
“These two assets will be a tremendous addition to our Austin portfolio. They represent the perfect blend of existing cash flow, with significant future redevelopment potential,” Presidium Co-CEO Cross Moceri said in prepared remarks. “Presidium will continue to look for opportunistic acquisitions of all asset types in the competitive Austin real estate market.”
Images courtesy of University Village at Austin and University Estates at Austin