Steel Castle Sells Student Housing Project
Opportunistic JV Successfully Sells High-End Student Housing Project in Austin
ANAHEIM, Calif./AUSTIN, Tex. (November 2014) − Steel Castle Capital LLC, a boutique real estate investment management firm based in Anaheim, Calif. and Philadelphia, Penn., has successfully sold a student housing project located in the heart of the University of Texas at Austin's West Campus. For this development, Steel Castle formed a joint venture with an experienced local developer.
Completed in 14 months, the five-story, podium-style building was fully leased prior to its completion and then sold shortly after. The development started as an "off-market" land purchase in July 2013, immediately followed by site work. Building construction proceeded swiftly, with the project completed prior to the start of the Fall 2014 school year.
Located near some of the University's most popular fraternities, shopping and restaurants, and within walking distance of the campus, the property features some of the largest and nicest student apartments in West Campus. Multiple floor plans range from one bedroom apartments to a two-level penthouse with seven bedrooms and four bathrooms. All apartments have spacious bedrooms, stainless steel appliances, granite countertops, designer laminate hardwood floors, ultra high speed broadband internet cabling and other high-end finishes. Students are also able to take advantage of the on-site parking in the property's secure underground garage.
Steel Castle was initially attracted to this investment because of the favorable supply/demand dynamics in its market. The supply-constrained market, coupled with an attractively designed student housing project, resulted in a robust lease-up and ultimately a good investment exit.
About Steel Castle: Steel Castle Capital LLC is a real estate investment management firm focused on identifying value oriented investment opportunities in select U.S. cities. The firm combines a hands-on, entrepreneurial mindset with institutional investment discipline in an effort to generate attractive risk-adjusted returns for investors. For more information, visit www.steel-castle.com or call (714) 786-5000.