June 17, 2021 10:00 AM
Newmark announces the sale of Rio West–a student housing property located at 2704 Rio Grande Street in Austin, steps from The University of Texas at Austin. Newmark Vice Chairman and Head of Student Housing division Ryan Lang and Associate Director Jack Brett represented the seller, Virginia-based ILM Capital, LLC, in the transaction.
The off-campus, luxury 384-bed community is just 0.21 miles to campus and features a private parking garage, on-site management and maintenance, a free coffee bar, private study lounges, a resort-style pool with outdoor patio with grilling stations and a 24/7 fitness center. The property is surrounded by entertainment, restaurants, bars, food trucks and shops.
“There were more than 40,000 students in need of off-campus housing options and that number has continued to grow at UT,” said Lang. “Differing price points and cost-effective rates, similar to those Rio West offers, will continue to be a driver for the demand dynamics for student housing product in the immediate area.”
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate services, with a comprehensive suite of investor/owner and occupier services and products. Our integrated platform seamlessly powers every phase of owning or occupying a property. Our services are tailored to every type of client, from owners to occupiers, investors to founders, growing startups to leading companies. Harnessing the power of data, technology, and industry expertise, we bring ingenuity to every exchange, and imagination to every space. Together with London-based partner Knight Frank and independently owned offices, our 18,800 professionals operate from approximately 500 offices around the world, delivering a global perspective and a nimble approach. In 2020, Newmark generated revenues in excess of $1.9 billion. To learn more, visit nmrk.com or follow @newmark.
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