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October 22, 2019
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MULTIFAMILY NEWS
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Arrimus Captial Acquires 182-Bed Student Housing Facility in Austin

3/29/19

Arrimus Capital has purchased Villas on 26th, a luxury student housing community located near the University of Texas in Austin, TX. The property was sold by TX-based Zucker Properties, the original developer of the property. The price was not disclosed.

The 182-bed community is comprised of 49 units housed in one five-story building with subterranean parking. Located in the heart of the university’s West Campus with its large Greek student population, Villas on 26th offers a highly desirable location with convenient access to school, fraternity and sorority houses, and numerous retail and dining establishments.

In addition to its outstanding location, the property features advanced technology in each unit, including high-speed gigabit fiber, Apple-based home automation systems, in-wall iPad touch screens, Apple TVs and other home entertainment amenities popular with today’s college student.

Built in 2014, Villas on 26th offers a variety of floorplans ranging from studios to six-bed units with a large, shared community living space. Each unit features granite countertops, walk-in closets, in-unit washer/dryers, and select units have in-home movie theaters with a 110” HD projection screen. Community amenities include a pool-sized hot tub, 24-hour fitness center, live-feed security cameras, secured remote garage entry and luxury outdoor seating with televisions and stereo.

The acquisition is Arrimus Capital’s seventh student housing asset acquired since 2017, increasing the portfolio to more than $320 mil and 3,894 beds. Villas on 26th is also Arrimus Capital’s fourth Class A student housing property located at a major university in the state of Texas. The company also owns student housing properties adjacent to the University of Houston, the University of North Texas and the University of Texas in San Antonio.

Chris Lee, a partner with Arrimus Capital, said the acquisition of Villas on 26th enhances the overall quality of the company’s portfolio and its marketability to major institutional investors.

“Our business plan is to continue to attract high-quality residents to luxury student housing near Tier 1 universities like the University of Texas,” Lee said. “Villas on 26th represents an outstanding addition to our portfolio with its student-centric combination of location, luxury and technology.

“From a market standpoint, new student housing near the university is severely constrained because of the conversion of older existing properties to new commercial product,” notes Chris Lee, a partner with Arrimus Capital. “Additionally, university-owned housing occupancy is at 100 percent and can only accommodate approximately 15% of students, all of which points to long-term leasing momentum for Villas on 26th.”

Ryan McBride from the Austin office of HFF represented both Arrimus Capital and Zucker Properties in the transaction.





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