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US: Real estate equity firm Ascentris and owner-operator Student Quarters have combined in a joint venture to take over a luxury 118-key University of Texas at Austin PBSA scheme.
Located in Austin, Texas’s West Campus neighborhood, Noble 2500 can house 243 students. Studio, one-, two-, three- and four-bedroom units are offered across the PBSA’s seven storeys. Floor plans include bed-bathroom parity with a washer and dryer in every unit.
The joint venture follows Ascentris’ strategy of investing in high-value PBSA assets close to top campuses nationwide.
Amenities include a rooftop lounge, study areas, courtyard pool and fitness centre. The groups plan for common area upgrades to the three-year-old property as well as changes to operational efficiency implemented by Student Quarters Property Management.
“Ascentris’ student housing strategy is to buy or develop class A, campus-adjacent properties at Tier 1 universities, with best-in-class operators,” Ascentris managing director Jeff Higgins, said. “With Noble 2500, we are acquiring a newly constructed, class A asset at a discount to replacement cost, in one of the most institutional student housing markets in the country.”
“Student Quarters is enthusiastic to expand its footprint at the University of Texas at Austin with the acquisition of Noble 2500,” Student Quarters acquisitions leader Melanie Phelps said. “The investment represents a unique opportunity to provide boutique-style living and best-in-class student accommodations in a pedestrian location within a market with compelling fundamentals and phenomenal tailwinds.”
Highlights:
- Ascentris and Student Quarters have formed a joint venture to acquire Noble 2500, a 118-unit luxury purpose-built student accommodation
- The property is near the University of Texas at Austin and capable of housing 243 students.
- The seven-storey West Campus development offers studio through four-bedroom units with bed-bath parity and in-unit washer and dryer, along with amenities including a rooftop lounge, study areas, courtyard pool and fitness centre.
- The joint venture plans common area upgrades to the three-year-old property and will implement operational efficiency changes through Student Quarters Property Management.
- Ascentris managing director Jeff Higgins cited the acquisition as aligned with the firm’s strategy of acquiring class A, campus-adjacent assets at tier one universities at a discount to replacement cost.
