Ocean West Capital Partners has closed on its acquisition of the 567-bed Moontower student housing community, located at the University of Texas at Austin, in Austin.
The Moontower community was completed just before the start of the fall 2020 semester and has opened at nearly 100% occupancy. The 18-story high-rise is located within walkable distance of campus, and features a rooftop pool and lounge, spin and yoga studios, a 24-hour fitness center, a coffee bar, and a study lounge and private study rooms. Units feature luxury finishes, private bathrooms in most floor plans, and views of UT Tower from most units.
Ocean West led the property’s investment group, which also includes Tiger Alternative Investors, Ltd., Korea Investment & Securities Co., Ltd., and Landmark Properties. The joint-venture partnership has now acquired seven student housing assets comprised of more than 4,400 beds and valued at over $800 million.
"Ocean West continues to value the partnership it has formed with Tiger, KIS, and Landmark, and we look forward to new opportunities to grow our portfolio together," says Ryan Tucker, principal of Ocean West Capital Partners. "The Moontower asset is truly one of the premier trophy assets in the country, and we strongly believe in this market and this university. We have great expectations for this asset going forward."