Raleigh's Preiss Company and Bahrain-based firm Investcorp purchased a 267-bed student housing property in the West Campus neighborhood adjacent to the University of Texas at Austin campus.
The partnership bought 21 Pearl, a 135-unit student apartment complex at 911 West 21st Street. Built in 2013 and recently renovated, the 176,504-square-foot building was 99 percent occupied at the time of sale. The Travis Central Appraisal District's most recent appraisal of the property was $32.3 million.
Ryan Lang, Jack Brett, and Ben Harkrider of Newmark represented the seller, a partnership between Crow Holdings Capital and Texla Housing Partners, in the transaction. Ben Roelke, Ian Walker, Trent Houchin, and Jeff Barnwell of Newmark arranged an undisclosed amount of acquisition financing on behalf of the new owners.
