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Aspen Heights West Sells to Joint Venture

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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About Mark El-Rayes

Mark El-Rayes is an award winning designer and photographer from Beirut, Lebanon. El-Rayes has over 15 years in the design industry, 5 years of which he served as a Mass Communication Specialist in the United States Navy at Naval Air Station North Island, Navy Public Affairs Support Element - West (NPASE). El-Rayes is a full-stack developer, seo specialist, photographer, and artist.

  • ◦Sale/Acquisition
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