Austin’s Moontower community is Landmark’s tenth acquisition in 14 months
ATHENS, Georgia (November 2, 2020) — Landmark Properties, a vertically integrated student housing developer and owner-operator, recently acquired Moontower, a 166-unit, 567-bed student housing property located adjacent to The University of Texas at Austin campus.
Named for the historic moonlight tower landmarks of old Austin, Moontower is an 18-story high-rise student housing community directly across from UT’s campus. Just completed in the past few months, Moontower was adapted for online learning and reconfigured to help residents build community in a safe, socially distanced way. Amenities include below-ground parking, bedrooms with private bathrooms, rooftop pool, outdoor living space and a spin and yoga studio and gym that students can reserve online.
“Despite the unique challenges presented in 2020, we’ve aggressively pursued strategic acquisition and development opportunities since this summer,” Landmark Properties President and CEO Wes Rogers said. “Moontower is an exceptional community for residents in Austin and further strengthens our growing Class A student housing portfolio.”
The purchase of Moontower represents Landmark’s tenth acquisition in the past fourteen months and its fourth transaction completed in partnership with an investment group led by Ocean West Capital Partners. These 10 student housing property acquisitions totaling $910 million in total capitalization add almost 1,400 units and more than 4,700 beds to Landmark’s portfolio. Landmark currently operates a 46,000-bed portfolio worth over $6.6 billion.
With original art and vintage furnishings inspired by the history of the city, Moontower represents that authentic Austin feel. The 204,552-square-foot community features floor plans ranging from studios to five-bedroom apartments.
“Our best-in-class team and great group of capital partners have enabled us to continue to aggressively grow both our development and acquisitions businesses during these challenging times,” Rogers said.
About Landmark Properties
Ranked as the nation’s most active student housing developer and top student housing contractor, Landmark Properties is a vertically-integrated developer and owner-operator with over 850 employees and $6.6 billion of assets under management. Landmark’s current portfolio includes more than 75 student housing properties across the country and over 46,000 beds, including over $2.7 billion in assets currently under construction. For additional information, visit www.landmarkproperties.com.
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Cody Nichelson