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Investcorp Acquires UT Student Housing Property
Investcorp has acquired a student housing property at the University of Texas at Austin, one of two the company recently bought, totaling 914 beds, for a $160 million gross purchase price. Besides the UT property, Investcorp purchased a property at the University of Florida in Gainesville.
At UT, Investcorp purchased 21 Pearl, a 267-bed, 135-unit completed in 2013. Recently renovated, it has a 99% occupancy rate.
Investcorp’s Michael O’Brien added, “Investcorp was an early mover into student housing 12 years ago, and we continue to have high conviction in the sector due to strong secular tailwinds and consistently strong fundamentals including continued enrollment growth, limited pipelines of new supply on- and off-campus, and relative resiliency through market cycles. Our national student housing portfolio is 99% occupied for the 2023/2024 academic year.”
Since 1996, Investcorp has acquired over 1,300 properties for a total value of over $25 billion.
- ◦Sale/Acquisition
