Skyloft is One of Largest Student Housing Deals
Located adjacent to the University of Texas campus in the center of the West Campus, the 18-story 674 bed class-A building was sold to Nelson Partners Student Housing at an undisclosed acquisition price.
AUSTIN, TX—Recently sold Skyloft is one of the largest single-asset student housing transactions in recent history. Located adjacent to the University of Texas campus in the heart of the West Campus neighborhood, the 18-story 674 bed class-A building was sold to Nelson Partners Student Housing at an undisclosed acquisition price.
It was a joint venture by Platform Ventures, Johnson Trube and Kansas City, MO-based, JE Dunn. JE Dunn was the general contractor on the building.
“This is a good success story for Platform Ventures and our investors, where we identified a well-located site and joined with premier partners to thoughtfully design a timeless asset to meet demand in the market,” said Todd Blanding, Platform Ventures’ chief investment officer.
At the time of sale earlier this month, the student housing property was 100% leased and approximately 77% pre-leased for the 2019-2020 academic year. The building is equipped with conveniences such as the first high-rise rooftop pool and fitness center in West Campus, Amazon package receiving system and coffee bar.
“We were in a unique situation being involved on both the construction and equity sides of the Skyloft project. It was a great opportunity to invest in a project in a premier location that will also positively impact campus housing. That, in conjunction with a strong partnership with Platform Ventures and Johnson Trube, was what made this effort successful for us all,” said Tim Dunn, JE Dunn’s chief investment officer.
Newmark Knight Frank provided brokerage services for the transaction.