Source: Ocean West Capital Partners
AUSTIN, TX - Ocean West Capital Partners announced that it has successfully closed on the acquisition of the 567-bed student housing community known as Moontower, located at the University of Texas at Austin. Ocean West led the investment group, comprised of Tiger Alternative Investors, Ltd, Korea Investment & Securities Co., Ltd, and Landmark Properties. Over the past 15 months, this joint-venture partnership has now acquired seven student housing assets totaling more than 4,400 beds and $800M of value.
The brand-new 18-story high-rise was completed before the Fall 2020 semester, and the property opened at nearly 100% occupancy. Moontower is located at the heart of UT Austin's social and academic scenes, easily walkable to both The Drag and campus. The building boasts an unrivaled modern amenity package that includes a rooftop pool and lounge, fully equipped spin and yoga studios, 24-hour fitness center, coffee bar, study lounge and private study rooms. The furnished units feature luxury finishes/interiors, private bathrooms in most floorplans, and many units feature unobstructed views of UT Tower, one of the most iconic landmarks on campus.
The student reception to the property so far has been outstanding, and Moontower leads the lease-up pace for the 2021-2022 academic year.
"Ocean West continues to value the partnership it has formed 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 premier trophy assets in the country, and we strongly believe in this market and this university. We have great expectations for this asset going forward."