Increasing Student Enrollment Prompts Housing Buy
West Campus neighborhoods achieved 5.55% average rental growth since 2010 and University of Texas at Austin student enrollment is estimated to grow by 5.4% by 2020.
AUSTIN, TX—With West Campus neighborhoods achieving 5.55% average rental growth since 2010 and indications that the University of Texas at Austin student enrollment will grow by 5.4% by 2020, the Preiss Company believes that Signature 1909 offers leasing and rental growth upside. Preiss, in a joint venture with TH Real Estate, recently acquired the 464-bed student housing complex. Located at 1909 Rio Grande St., the 17-story community is located within walking distance from University of Texas at Austin and is in the midst of a large offering of nearby retail and restaurant outlets.
“Located in the heart of Austin’s West Campus neighborhood, Signature 1909 already has an unprecedented 500-plus person interest list for the 2019/2020 academic year following its 100% prelease for 2018/2019 eight months prior to the building even opening,” said Donna Preiss, founder and CEO of the Preiss Company.
Completed in fall 2018, the property offers one-, two-, three-, four- and five-bedroom open floorplans. All units include private bedrooms and bathrooms, as well as in-unit laundry. The controlled-access building features a rooftop pool with infinity spillover pool and ample lounge seating, picnic lounge and built-in Instagram Frame, showcasing the aerial view of campus for the perfect selfie. Additional amenities include a 24-hour fitness centers, two private study rooms with flat screen televisions, large study bar with floor-to-ceiling windows, four lounge areas and two community kitchens. Students also may use the building’s four-and-a-half story underground parking garage and bike storage. Outdoor grill stations, 24/7 package pickup and access to free tanning round out amenities.
“Signature 1909 is our third joint venture with TH, and we continue to seek additional opportunities with them and other well-respected partners with multiple investment objectives,” said Susan Folckemer, Preiss chief acquisitions and development officer. “The acquisition of this project marks our fourth student-centered apartment community in Austin, bringing our current market presence to 3,640 beds.”
Preiss continues to seek student housing opportunities in high demand areas within walking distance of one or more major institutions of higher learning. Preiss has a strong presence in the market, with Axis West Campus, University Village at Austin and University Estates at Austin all providing invaluable insights into what today’s students want and need to have a successful academic career.