Nelson Partners Acquires Student Housing Property Near UT Austin for $100M
AUSTIN, TEXAS — California-based investment firm Nelson Partners has acquired Skyloft, a student housing property located one block from the University of Texas (UT) at Austin, for $100 million. The newly built, 18-story community features 674 beds. Amenities include a rooftop pool, fitness center, marketplace, study lounges and full-meal vending machines. The property was 100 percent occupied at the time of sale and is 77 percent preleased for the 2019-2020 academic year. Marcus & Millichap Capital Corp. arranged a $66.1 million acquisition loan that carried a 10-year term and a fixed interest rate of 4.5 percent, for the transaction.