Nelson Partners Student Housing, an investment firm that specializes in Delaware statutory trust offerings, has purchased Skyloft, a newly constructed student housing property located one block from University of Texas in Austin, for $100 million.
Built in 2018, the 18-story, 674-bed property is 100 percent occupied and includes a rooftop pool, Wi-Fi, an Amazon package receiving system, full-meal vending machines, a fitness center, onsite marketplace, in-unit washers and dryers, controlled access, study lounges, and subterranean parking. The property is located adjacent to the University Co-Op Building in West Campus District.
The company noted that Skyloft is 77 percent pre-leased for the 2019-2020 academic year.
“We are extremely fortunate to have acquired what we believe is one of the premier student housing projects not just in the market, but across the entire country,” said Pat Nelson, president and CEO of Nelson Partners. “It offers the best in every category from location to amenities” said Nelson.
This is the second major purchase made by Nelson Partners in recent months. Late last year, the company purchased The Fairway, a 167-unit and 298-bed student housing property located near Purdue University in West Lafayette, Indiana for an undisclosed sum.
Nelsons Partners is a fully vertically integrated student housing firm with more than $600 million in assets under management, ground up construction and onsite property management. Nelson Partners portfolio is approximately 99 percent occupied.