Landmark Properties has acquired Pointe on Rio, multifamily property in the West Campus neighborhood adjacent to the University of Texas campus. The six-story residential building at 1901 Rio Grande Street, which the Georgia company will rebrand as Tradition on Rio, is Landmark's seventh off-campus student housing property in the Austin and adds 321 beds and 122 units to the company's 3,769-bed local portfolio.
Built in 2014, the midrise complex has apartments ranging from studios to five-bedrooms. Almost 94 percent of the building is leased for the fall 2024 term, according to Landmark.
The seller was not disclosed, but an entity named 19 Rio Partners, which shares an address with Skyline Builders at 4801 Spicewood Springs Road, has owned the property since July 2013, the Austin Business Journal reported.
"The University of Texas at Austin's fall 2023 enrollment marked the university's largest-ever, a 1.3 percent growth year over year," said Landmark's JD Goering. He called the UT area "one of the most institutionally sought-after student housing markets in the country."
Landmark's Austin assets also include Legacy on Rio, the Mark Austin, the Standard at Austin, the Nine at Rio, the Nine at West Campus, and Moontower, all near the UT campus.
