Newmark announces it has facilitated the sale and financing of 21 Pearl, a 135-unit, 267-bed student housing asset in Austin, Texas. The asset was more than 99% occupied at the time of sale and primarily serves students at the University of Texas (UT) at Austin.
Newmark Vice Chairman and Head of the Company’s Student Housing Group Ryan Lang, Managing Director Jack Brett and Director Ben Harkrider represented the sellers, Crow Holdings Capital and Texla Housing Partners. Executive Managing Director Ben Roelke, Senior Managing Director Ian Walker, Director Trent Houchin and Assistant Vice President Jeff Barnwell secured the acquisition financing on behalf of the buyers, The Preiss Company and Investcorp.
“This was an exceptional project by our valued partners at Crow Holdings, Texla, The Preiss Company and Investcorp,” said Lang. “21 Pearl is a great light value-add opportunity for the new owners, while also providing strong leasing performance in the near term.”
Built in 2013 and situated on 0.88 acres, 21 Pearl features recent renovations to both community amenities and interior units, with new furniture in 75% of units. Other upgrades include fresh paint and modern finishes in common areas, a renovation of the clubhouse with the addition of study rooms, a modernized courtyard and an enhanced fitness center. Unit interiors have been upgraded with new kitchen faucets, showerheads, USB wall outlets and 50-inch Smart TVs.
The asset is in the coveted West Campus of UT Austin, near the Perry Castañeda Library, the McCombs Business School, The South Mall and DKR Stadium. The property is also a few blocks from “The Drag”, a premier entertainment district for UT Austin students with an abundance of retail and restaurant options.
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. For the year ended December 31, 2023, Newmark generated revenues of approximately $2.5 billion. As of March 31, 2024, Newmark’s company-owned offices, together with its business partners, operate from approximately 170 offices with 7,600 professionals around the world.
