AUSTIN, TX – HFF announced it has closed the sale of Villas on 26th, a luxury student housing property serving The University of Texas at Austin (UT Austin).
HFF worked on behalf of the seller, Zucker Properties. Arrimus Capital purchased the property free and clear of existing debt.
Villas on 26th is located at 800 W. 26th Street less than half of a mile from campus. Completed in 2014, the property is located at the epicenter of UT Austin’s West Campus student housing market, which positions it within walking distance to more than 50 retail, dining and entertainment destinations. The property consists of 182 beds across 49 units averaging 1,591 square feet, 97 percent of which are larger three- to six-bedroom floor plans. Units are equipped with state-of-the-art technology such as Savant smart home automation systems, 60-inch high definition TVs, Apple TVs, Polk surround sound speakers and in-wall iPad touch screens. The property’s larger units also include private in-home movie theaters with 110-inch projection screens. To complement the property’s cutting-edge technology, units feature condo-quality finishes, including custom stone countertops, stainless steel appliances. designer lighting, hardwood-style flooring, walk-in closets and in-unit washers and dryers. Common area amenities include a swimming pool-sized hot tub on the mezzanine level, multiple outdoor patios with TV’s, 24-hour fitness center, multi-level underground parking and scenic UT Tower views. Villas on 26th has remained 100 percent occupied since opening and is 90 percent pre-leased for the 2019/2020 academic year.
The HFF investment advisory team was led by director Ryan McBride and senior managing director Doug Opalka.
Holliday GP Corp. (“HFF”) is a Texas licensed real estate broker.
About Zucker Properties: Zucker Properties, based in Houston, Texas, has developed seven student housing projects branded “The Villas” in UT Austin’s West Campus since 1997. Zucker is breaking ground on its first high-rise project, Villa Rio at 22nd and Rio Grande, in June 2019 to be delivered in Fall 2020.
About Arrimus Capital: Arrimus Capital is a Southern California-based real estate private equity firm specializing in value-add and opportunistic investments in supply constrained markets throughout the U.S. The company focuses on acquiring, repositioning and developing student housing, multifamily and triple-net leased investment properties. Arrimus’ uniquely experienced management team has broad investment expertise, deep industry relationships to source compelling opportunities and a proven history of delivering above market risk-adjusted returns for its investors, partners and clients.
About HFF: HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.