AUSTIN, TX – Ocean West Capital Partners announced the successful completion of the acquisition of the 567-bed Moontower student community at the University of Texas at Austin. Ocean West headed the investment group consisting of Tiger Alternative Investors, Ltd., Korea Investment & Securities Co., Ltd. and Landmark Properties. In the past 15 months, this joint venture partnership has now acquired seven student residences totaling more than 4,400 beds and valued at $ 800 million.
The brand new 18-storey high-rise was completed before the fall semester 2020 and the property was almost 100% occupied. Moontower is in the heart of the UT Austin's social and academic scenes and is within easy walking distance of both the drag and campus. The building has an unrivaled package of modern amenities that includes a rooftop pool and lounge, fully equipped spin and yoga studios, a 24-hour fitness center, a coffee bar, a study lounge, and private study rooms. The furnished units have luxurious finishes / interiors, en-suite bathrooms in most floor plans, and many units have uninterrupted views of the UT Tower, one of the most recognizable landmarks on campus.
Student reception on the property has been excellent so far, and Moontower is leading the rental pace for the 2021-2022 academic year.
"Ocean West continues to value the partnership it has partnered with Tiger, KIS and Landmark and we look forward to new opportunities to grow our portfolio together," said Ryan Tucker, principal of Ocean West Capital Partners. "The Moontower asset is truly one of the leading trophy assets in the country and we have a strong belief in this market and this university. We have great expectations for this asset in the future."
Source: Ocean West Capital Partners