Austin, Texas — TSB Realty has arranged the sale of 21 Rio, a 296-bed student housing community located near the University of Texas at Austin. Nimes Real Estate purchased the property from a joint venture between CA Student Living and Principal Real Estate for an undisclosed price.
TSB Capital Advisors arranged acquisition financing on behalf of the buyer. Built in 2009, the 21-story property offers one-, two- and three-bedroom units with a parking garage and 2,680 square feet of ground floor retail. Shared amenities include a 24-hour fitness center, rooftop pool with sundeck, state-of-the-art fitness center, resident lounge and an on-site convenience store.
“We’re proud to get this deal over the finish line before the end of the year, especially in the current market environment,” says Timothy Bradley, principal with TSB Realty and founder of TSB Capital Advisors. “It’s a testament to all involved at NRE, CA Student Living and Principal Real Estate — and a sign of how the student housing market can continue to thrive despite turbulent conditions.”