Preiss, Investcorp Buy 267-Bed Student Housing Property in Austin

AUSTIN, TEXAS — A partnership between The Preiss Co. and Investcorp has purchased 21 Pearl, a 267-bed, 135-unit student housing property that is located on the University of Texas at Austin campus. Built in 2013 and recently renovated, 21 Pearl was 99 percent occupied at the time of sale. Ryan Lang, Jack Brett and Ben Harkrider of Newmark represented the seller, a partnership between Crow Holdings Capital and Texla Housing Partners, in the transaction. Ben Roelke, Ian Walker, Trent Houchin and Jeff Barnwell of Newmark arranged an undisclosed amount of acquisition financing on behalf of the new ownership.