December 4, 2016
Presidium Group LLC added 2,700 Austin beds to its student housing portfolio, courtesy of a deal struck with Investcorp. for two assets. Specifically, Presidium now owns the 498-unit University Estates and 348-unit University Village at 1300 Crossing Place and 1301 Crossing Place. Both serve the University of Texas at Austin campus.
The sales price for the portfolio was undisclosed, with the Travis Central Appraisal District valuing University Estates at $36.1 million, and University Village at $41.7 million. “These two assets will be a tremendous addition to our Austin portfolio. They represent the perfect blend of existing cash flow, with significant future redevelopment potential,” said Presidium’s Cross Moceri.
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