EL SEGUNDO, Calif., Nov. 2, 2020 /PRNewswire/ — Ocean West Capital Partners (“Ocean West”) is pleased to announce that it has successfully closed on the acquisition of the 567-bed student housing community known as Moontower, located at the University of Texas at Austin (“UT Austin”). Ocean West led the investment group, comprised of Tiger Alternative Investors, Ltd. (“Tiger”), Korea Investment & Securities Co., Ltd. (“KIS”), and Landmark Properties (“Landmark”). Ryan Lang of Newmark represented the seller in the transaction. Over the past 15 months, this joint-venture partnership has now acquired seven student housing assets totaling more than 4,400 beds and $800M of value.
Ocean West Acquires Moontower, 567-Bed Student Housing Property at UT Austin
The brand-new 18-story high-rise was completed before the Fall 2020 semester, and the property opened at nearly 100% occupancy. Moontower is located at the heart of UT Austin’s social and academic scenes, easily walkable to both The Drag and campus. The building boasts an unrivaled modern amenity package that includes a rooftop pool and lounge, fully equipped spin and yoga studios, 24-hour fitness center, coffee bar, study lounge and private study rooms. The furnished units feature luxury finishes/interiors, private bathrooms in most floorplans, and many units feature unobstructed views of UT Tower, one of the most iconic landmarks on campus.
The student reception to the property so far has been outstanding, and Moontower leads the lease-up pace for the 2021-2022 academic year.
“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,” said 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.”
Ocean West Capital Partners, formed in 2010, has acquired and operated commercial real estate investments valued at nearly $3.7 billion and completed over $6.6 billion of commercial real estate transactions. With over 100 years of combined experience and $50 billion of real estate transactions completed among its principals, Ocean West Capital Partners is a full-service real estate investment, operations, and management platform dedicated to identifying and executing opportunities that create long-term value for its partners and investors.
KIS is a leading securities company in Korea with a comprehensive range of asset management and investment banking services including securities brokerage for domestic and international investors, underwriting, IPOs, derivatives, real estate, fund management, and financial advisory services.
Tiger was established in 2018 and spun off from one of the top performing hedge funds in Korea. Since its inception, Tiger oversees over US $1.9 billion AUM in diversified asset types and regions. With extensive institutional investor relationship and capital market expertise, Tiger creates sustainable value for clients.
Landmark Properties is ranked as the nation’s most active student housing developer and top student housing contractor, Landmark Properties is a vertically integrated developer and owner-operator with over 850 employees and $6 billion of assets under management. Landmark’s current portfolio includes more than 60 student housing properties across the country and over 44,000 beds, including over $2.7 billion in assets currently under construction.