TEXLA Housing Partners and a private equity real estate fund managed by Crow Holdings Capital has plans to spend $1.35M on a re-branding strategy for its first acquisition as joint venture partners.
The firms acquire D 21 Pearl, an upscale student housing property located just a few blocks from the University of Texas in Austin’s West Campus neighborhood. The 272-bed/135-unit mid-rise, student-housing community located at 911 W. 21st St. was completed in 2013 and is currently 96 percent occupied.
CBRE has arranged permanent financing for the acquisition. The five-year, fixed-rate loan was provided by an undisclosed life company and features full-term interest-only payments along with a flexible prepayment structure.
