A joint venture between the Preiss Co. and TH Real Estate acquired Aspen Heights West, a 464-bed, 166-unit off-campus student housing complex serving those attending the University of Texas in Austin. Aspen Heights Partners sold the just-completed asset for an undisclosed price.

CBRE’s Jaclyn Fitts, William Vonderfecht, Casey Schaefer, Charles Cirar, Michael Wardlaw and Colin Cannata handled the sale transaction. Ben Roelke and Ian Walker with CBRE’s Debt & Structured Finance team arranged financing on behalf of the buyer. Northwestern Mutual provided the five-year, fixed-rate loan, which featured a sub 4% interest rate, full-term interest-only, and a flexible prepayment structure.

The 17-story complex at 1909 Rio Grande St. offers one, two and three-bedroom units, as well as four- and five-bedroom suites. Amenities include a rooftop pool and lounge, 24-hour fitness center, cybercafé, grilling stations and parking garage.

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