US: Landmark Properties has recapitalised The Standard at Austin, a 287-unit, 934-bed student housing community, adjacent to the University of Texas at Austin.
TSB Capital Advisors arranged the financing for the asset, which consists of studio and one- to six-bedroom floorplans, as well as 5,400 square feet of retail space. Apartments range between 359 and 1,899 square feet. The fully furnished units feature washers, dryers and private balconies or patios in select layouts. The terms of the deal have not been disclosed. In 2018, the property received a $101.1 million construction loan, according to Yardi Matrix.
Community amenities at the 1.3-acre property cover 33,000 square feet and include a pool deck, two-storey clubhouse, fitness centre, yoga studio, sauna, game room, coffee bar and outdoor gaming area. In addition, there are private study rooms, cabanas with hammocks, a computer lab and two courtyards.
Located at 715 W. 23rd St., the building is within walking distance of the University of Texas-Austin campus and several dining options.
According to a recently published Multi-Housing News article based on Yardi Matrix data, the University of Texas at Austin had 6,155 beds underway across seven communities as of September—the largest under-construction pipeline across Yardi 200 schools. Significant projects in the area include MDL Group’s 30-story tower, a 555-bed student community that is expected to come online in the summer of 2025.
Currently, Landmark Properties owns and operates six student housing properties in Austin, comprising a total of 3,729 beds. In July, the developer opened The Mark Austin, a 264-unit, 956-bed community adjacent to The Standard at Austin.
