Korean capital–backed investor group to buy student housing in Texas for $119m

Korean capital–backed investor group led by Ocean West Capital Partners has plans to take over a student housing facility in the United States from U.S. real estate developer Lincoln Ventures for $119.37 million, reported The Korean Herald.

The 18-story building, Moontower, has four underground levels and houses 166 units with 567 beds. It is located near University of Texas at Austin and opened this fall 2020 semester.

Other investors of the consortium include Seoul-based property investment house Tiger Alternative Investors, brokerage firm Korea Investment & Securities, and Landmark Properties.