Rio West, an off-campus student housing property located at 2704 Rio Grande St. near the University of Texas at Austin, recently sold for an undisclosed price. The 384-bed community features a private parking garage, on-site management and maintenance, a free coffee bar, private study lounges, a pool, an outdoor patio with grilling stations and a 24/7 fitness center.

Newmark vice chairman and head of student housing division Ryan Lang and associate director Jack Brett represented the seller, Virginia-based ILM Capital LLC, in the transaction.

“There were more than 40,000 students in need of off-campus housing options and that number has continued to grow at UT,” said Lang. “Differing price points and cost-effective rates, similar to those Rio West offers, will continue to be a driver for the demand dynamics for student housing product in the immediate area.”