(To read more on the multifamily market, click here.)

AUSTIN-A Chicago company acquired the 62-unit Texan West Campus, taking advantage of the sudden burst of construction around the University of Texas-Austin campus. Though parties involved in the deal would not comment on the sales price, class A student housing similar to the just-built Texan West can go for as high as $300,000 per door.

Located on 2616 Salado St. five blocks west from the main campus, Texan West was developed and sold by local developers Texan Properties. The 100%-occupied student housing complex was snapped up by investor Campus Acquisitions LLC just weeks after the property’s neighbor, the 76-unit Sterling University WestCamp at 2704 Rio Grand St., sold for less than $24 million.

Patton Jones, director of sales with Apartment Realty Advisors in Austin and San Antonio, says it was Sterling University’s sale which spurred that of Texan West’s. “We were showing Sterling University to interested parties, then we’d direct them across the street and let them know we were taking Texan West to market,” he comments. Campus Acquisition placed an immediate offer on Texan West before Jones could formally market the project.

Jones, who brokered the deal for both sides, tells GlobeSt.com that investors and developers are showing interest in the area, particularly following the city’s 2004 passage of the University Neighborhood Overlay, which permitted mid-rise student housing to be developed in areas that were formerly height-restricted. Both Texan West and Sterling University were among the first properties to be developed following the overlay’s passage.

“Since the UNO passed, there are now anywhere from six to eight new construction mid-rise projects going up,” Jones adds. “With this activity in the West Campus, we’ll be looking at more acquisitions when the products deliver.”

Texan West Campus offers one- and two-bedroom units, as well as three- and four-bedroom suites. Sizes range between 531 sf to 1,891 sf, while market rents go for between $945 and $4,325 per month.

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