Arrimus Capital Adds to Texas Student Housing Portfolio
Arrimus Capital, a real estate private equity firm, has purchased Villas on 26th, a Class A student housing community located near the University of Texas in Austin, Texas. Arrimus purchased the property for an undisclosed sum from the property developer, Zucker Properties.
Arrimus Capital, a real estate private equity firm, has purchased Villas on 26th, a Class A student housing community located near the University of Texas in Austin, Texas. Arrimus purchased the property for an undisclosed sum from the property developer, Zucker Properties.
Built in 2014 and located on the university’s West Campus, the 182-bed community is comprised of 49 units housed in a five-story building with subterranean parking. The property features high-speed gigabit fiber, Apple-based home automation systems, in-wall iPad touch screens, Apple TVs and other home entertainment amenities.
Chris Lee, a partner with Arrimus Capital, said the acquisition of Villas on 26th enhances the overall quality of the company’s portfolio and its marketability to major institutional investors.
“From a market standpoint, new student housing near the university is severely constrained because of the conversion of older existing properties to new commercial product,” said Lee. “Additionally, university-owned housing occupancy is at 100 percent and can only accommodate approximately 15 percent of students, all of which points to long-term leasing momentum for Villas on 26th.”
Floorplans at Villas on 26th range from studios to six-bed units with a shared living space, and each unit includes granite countertops, walk-in closets, washer/dryers, while select units have in-home movie theaters with a 110” HD projection screen. Community amenities include a pool-sized hot tub, 24-hour fitness center, live-feed security cameras, remote garage entry, and outdoor seating with televisions and stereo.
In addition to Villas on 26th, Arrimus also owns student housing properties located adjacent to the University of Houston, the University of North Texas, and the University of Texas in San Antonio. The firm has purchased seven student housing assets since 2017, bringing its portfolio to $320 million with 3,894 beds.
Arrimus Capital specializes in value-add investments in supply constrained markets throughout the United States and focuses on acquiring, repositioning and developing student housing, multifamily and triple-net leased investment properties.
