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The M, the first new high-rise to be developed in the 2-square mile University District in more than 30 years, will add 460 purpose-built beds, which will increase the total off-campus supply by 10.5%.
In addition to providing cultural events and performances for the community, the university affiliation will provide professional-level learning opportunities to students in multiple disciplines, including cinematography, audio work, lighting work and aesthetics.
Duncan at the session said that one of the reasons Westchester is attractive to the firm is that there has been approximately six million square feet of outdated office space taken off the market in the last 10 years or so.
Landmark believes there's a healthy market for off-campus housing close to this growing university and says the site is a rare and large urban assemblage near a light rail station that's zoned for high-rise.
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.
In conjunction with the EdR purchase, Blackstone Real Estate Income Trust, Inc. and partner Greystar Real Estate Partners also reported they had closed on the $1.2-billion purchase of EdR's student housing portfolio.