AUSTIN, TX—A new 166-unit 567-bed luxury student housing asset, Moontower, is located in the West Campus neighborhood across the street from the University of Texas at Austin. The asset is 100% pre-leased for the 2020-21 academic year. UT Austin is the seventh largest university in the country with more than 51,000 students enrolled as of Fall 2019.
The property recently sold at an undisclosed price, but at one that is among the top five largest single-asset sales in terms of transaction value in the student housing space this year. Moontower traded to a partnership led by Los Angeles-based Ocean West Capital Partners and Athens, GA-based Landmark Properties, a student housing asset developer.
Ryan Lang, Newmark vice chairman and head of its student housing group, along with Jack Brett, associate director, represented the seller, Austin-based Lincoln Ventures. Ben Harkrider, Newmark transaction manager, provided crucial support to assist on the transaction.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
