Newmark Arranges Sale, Financing for 267-Bed Community Near University of Texas at Austin

Austin, Texas — Newmark has arranged the sale of and acquisition financing for 21 Pearl, a 267-bed student housing community located at 911 W. 21st St. near the University of Texas at Austin campus. The property’s 135 units were 99 percent occupied at the time of sale. Ryan Lang, Jack Brett and Ben Harkrider of Newmark represented the seller, a partnership between Crow Holdings Capital and Texla Housing Partners, in the disposition. Ben Roelke, Ian Walker, Trent Houchin and Jeff Barnwell, also of Newmark, secured acquisition financing on behalf of the buyers, a partnership between The Preiss Co. and Investcorp. Built in 2013, the community recently underwent renovations to its commons areas and units. Upgrades included the addition of new furniture to 75 percent of units; fresh paint and modern finishes in common areas; a clubhouse renovation; the addition of study rooms; courtyard modernization; and enhancements to the property’s fitness center.