Palladius Capital Management completes acquisition of Austin-area student housing property
Palladius Capital Management has acquired The Heights, a 672-bed student housing property located in the Austin, Texas, suburb of San Marcos. The financial terms and the seller were not disclosed.
The acquisition was made on behalf of Palladius Real Estate Fund I (PREF I), a private real estate investment fund focused on producing attractive risk-adjusted returns through the acquisition, management and disposition of equity interests in multifamily and student housing assets across the country.
The Heights, located 30 minutes away from downtown Austin and approximate to the Texas State University campus, enjoys strong leasing volume from the 38,000-student population. As part of its value-creation strategy, Palladius plans to fully renovate the property’s 240 units. It will also re-amenitize common spaces, including the clubhouse and pool, FF&E and gym equipment, and enhance the building’s exteriors.
“As increasing demand for student housing narrows ca