November 16, 2020, 9:00AM
Newmark announces the sale of Moontower, a brand new 166-unit, 567-bed luxury student housing asset, located in the West Campus neighborhood across the street from The University of Texas at Austin (UT Austin). The property sold for an undisclosed price that represented one of the top five largest single-asset sales in terms of transaction value in the student housing space this year. The asset was 100 percent pre-leased for the 2020-21 academic year.
Newmark Vice Chairman Ryan Lang, head of the Student Housing Group, along with Associate Director Jack Brett, represented the seller, Austin-based Lincoln Ventures, a real estate investment firm focused on acquiring, developing and managing high-quality real estate in superior locations throughout the country. Moontower traded to a partnership led by Ocean West Capital Partners, a full-service real estate investment firm based out of Los Angeles, California, and Landmark Properties, an Athens, Georgia-based fully integrated real estate firm and the nation’s top developer of student housing assets. Newmark Transaction Manager Ben Harkrider provided crucial support to assist on the transaction.
“We are proud to successfully execute one of the largest student housing single-asset deals of the year,” said Lang. “Lincoln, JE Dunn, Landmark and Ocean West are some of the best in the industry to work with and the asset is absolutely pristine and tremendously positioned within the UT Austin submarket.”
Moontower is the latest high-rise to dot the West Campus landscape. Constructed in 2020, the luxury community features resort-style amenities for modern student life, including a rooftop amenity deck with campus and downtown Austin views, yoga and spin studios, collaborative and private study spaces and fully furnished units with upscale finishes. UT Austin is the seventh largest university in the country with over 51,000 students enrolled as of Fall 2019.
About Newmark (Nasdaq: NMRK)
Newmark Group, Inc., together with its subsidiaries (“Newmark”), is a world leader in commercial real estate services, with a comprehensive suite of investor/owner and occupier services and products. Our integrated platform seamlessly powers every phase of owning or occupying a property. Our services are tailored to every type of client, from owners to occupiers, investors to founders, growing startups to leading companies. Harnessing the power of data, technology, and industry expertise, we bring ingenuity to every exchange, and imagination to every space. Together with London-based partner Knight Frank and independently owned offices, our 18,800 professionals operate from approximately 500 offices around the world, delivering a global perspective and a nimble approach. In 2019, Newmark generated revenues in excess of $2.2 billion. To learn more, visit nmrk.com or follow @newmark.
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