A US partnership between Ascentris and student housing specialist Student Quarters has made its first acquisition.
The joint venture has acquired Noble 2500, a 118-unit, 243-bed, purpose-built student housing property located in the West Campus submarket of Austin, Texas. The asset was completed in 2023.
Jeff Higgins, managing director at Ascentris, said: “Ascentris’ student housing strategy is to buy or develop Class A, campus-adjacent properties at Tier 1 universities, with best-in-class operators. With Noble 2500, we are acquiring a newly constructed, Class A asset at a discount to replacement cost, in one of the most institutional student housing markets in the country.
“We believe Noble 2500, under Student Quarters management, is well positioned to benefit from UT Austin’s strong enrollment growth and continued student demand for high-quality housing that is walkable to campus.”
Melanie Phelps, senior vice president of acquisitions at Student Quarters, said: “Student Quarters is enthusiastic to expand its footprint at the University of Texas at Austin with the acquisition of Noble 2500. The investment represents a unique opportunity to provide boutique-style living and best-in-class student accommodations in a pedestrian location within a market with compelling fundamentals and phenomenal tailwinds.
“The acquisition is an opportunity to break into one of the top student housing markets in the country and we are enthusiastic to be doing so through our new partnership with Ascentris.”
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