Austin Student Housing Market on the Upswing
- Aug 31, 2012
The local student housing market has shown obvious signs of improvement in the past year, with several private and public projects being delivered in the last few weeks and more scheduled to come. The Austin Business Journal reports that two of the largest projects to open for the fall semester are Circle West Campus at West 25th and Longview streets and GrandMarc Austin at 510 W. 26th St.
Circle West is a luxury apartment community for students that will feature 167 apartments with one-, two- and four-bedroom units and a total of 477 beds. Circle West Campus is 100 percent leased. The project has been designed to meet the requirements of the Austin Energy Green Building Multifamily rating, according to The Horn.
Another big student housing project currently underway is being developed by American Campus Communities Inc. in the West Campus area. Dubbed Callaway House, the project will feature controlled building access with a 24-hour courtesy desk, porcelain tile flooring, textured limestone veneers and a cedar plank ceiling. It is scheduled to be completed in the fall of 2013.
Meanwhile, Apartment Realty Advisors recently brokered two student housing complexes in Austin totaling 580 rooms. The Zone and The Enclave were both acquired by Seattle-based Horizon Realty Advisors for an undisclosed sum, as reported by the Austin Business Journal.
Built in 2000, The Zone is a 240-unit, 588-bed Class A student housing property located just minutes from Texas A&M University. The asset features a resort style pool, fitness center with two tanning facilities, basketball court and volleyball court. Other amenities include a game room with billiards and a state-of-the-art business center.
Built in 1994, The Enclave is a 340-unit, 536-bed Class A student housing property. The asset features a resort style pool, fitness center with a tanning bed, basketball court and sand volleyball court.
Photo rendering of The Callaway House
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