Austin Student Housing Tower Sells for $100M in Landmark Deal
Austin student housing tower sells for $100 million.
AUSTIN – Nelson Partners, a California-based student housing investment and property management firm, has acquired Skyloft, an 18-story student housing high-rise in Austin with 674 beds.
The $100 million purchase stands as one of the largest single-asset transactions in the student housing sector, according to Newmark Knight Frank.
Ryan Lang, vice chairman and head of NKF’s Student Housing group, along with Brandon Buell, managing director, and Jack Brett, transaction manager, represented an affiliate of JE Dunn Capital Partners in the deal.
Completed in 2018, the tower sits directly across the street from the University of Texas at 507 West 23rd Street.
“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 and CEO of Nelson Partners, based in Aliso Viejo, California.
Skyloft is located in the West Campus District, the most popular and amenity-rich neighborhood in the UT market. The building offers resort-style amenities, highlighted by an exclusive eighteenth-floor rooftop pool with 360-degree views of the university and downtown Austin, plus a 150-inch LED jumbotron.
“Leveraging our deep expertise in the West Campus market and our ability to attract both international and domestic capital to the sales process, we secured record-setting pricing for our client,” said NKF’s Lang. “Skyloft was among the most sought-after student housing assets in recent memory thanks to its high-quality construction, luxury amenities and prime location within one of the strongest university markets in the country—also just minutes from downtown Austin, which remains a major center for multifamily investment.”
