AUSTIN, TX – Ocean West Capital Partners announced that it has successfully closed on the acquisition of the 567-bed student housing community known as Moontower, located at the University of Texas at Austin. Ocean West led the investment group, comprised of Tiger Alternative Investors, Ltd, Korea Investment & Securities Co., Ltd, and Landmark Properties. Over the past 15 months, this joint-venture partnership has now bought seven student housing assets totaling more than 4,400 beds and $800M of value.
The brand-new 18-tale high-rise was completed before the Fall 2020 semester, and the property opened at nearly 100% occupancy. Moontower is located at the heart of UT Austin’s social and academic scenes, easily walkable to both The Drag and campus. The building boasts an unrivaled modern amenity package that includes a rooftop pool and lounge, fully equipped spin and yoga studios, 24-hour fitness center, coffee bar, study lounge and private study rooms. The furnished units feature luxury finishes/interiors, private bathrooms in most floorplans, and many units feature unobstructed views of UT Tower, one of the most iconic landmarks on campus.
The student reception to the property so far has been outstanding, and Moontower leads the lease-up pace for the 2021-2022 academic year.
“Ocean West continues to value the partnership it has formed with Tiger, KIS and Landmark, and we look forward to new opportunities to grow our portfolio together,” said Ryan Tucker, Principal of Ocean West Capital Partners. “The Moontower asset is truly one of the premier trophy assets in the country, and we strongly believe in this market and this university. We have fantastic expectations for this asset going forward.”

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MIAMI, FL – Starwood Real Estate Income Trust, a non-traded REIT managed by Starwood REIT Advisors, L.L.C., a subsidiary of Starwood Capital Group, announced the acquisition of two affordable housing portfolios with a combined 4,618 units located in 32 communities. With this acquisition, controlled affiliates of Starwood Capital, which include SREIT and other Starwood Capital-sponsored investment vehicles, own or are under contract to buy more than 34,000 affordable housing units across the country, making the Starwood entities collectively a top three owner of such units in the United States. Terms of the transactions were not told.
The bought portfolios are 99% occupied and offer affordable options for renters in attractive Mid Atlantic and Sun Belt markets. The portfolio’s high-quality garden-style residential units feature top-tier amenities, including swimming pools, clubhouses, playgrounds, fitness centers and laundry facilities.
Washington, D.C. and Jacksonville, which together make up 57% of the bought portfolios, have each experienced population growth that is double that of the United States over the past ten years. Washington, D.C. has a stable government and military employment base, while also benefiting from the recent influx of high paying tech (e.g., Amazon HQ2) and finance jobs. Jacksonville has experienced robust employment growth over the past five years, with a 16% increase in employment vs. a national average of 9% over that same time period. Looking forward, both markets are projected to significantly outpace the U.S. average in population growth. Other key markets within the portfolios include Raleigh, Charlotte, and Nashville, which all rank in the top 10 for projected five-year population growth, with estimates doubling that of the U.S. Additionally, over the next five years, these markets are projected to average annual income growth of 2.9%, which is 1.2% higher than the US projected income growth over the same time period.
“These transactions are an extension of SREIT’s successful investments in the affordable multifamily housing sector, providing us with a unique opportunity to buy high-quality, well-located assets in scale,” said Mark Keatley, Managing Director at Starwood Capital. “These investments have excellent downside protection provided by highly occupied properties with in-place rents that are 26% below comparable market-rate apartment rents, thus generating strong and dependable cash flow. Furthermore, these portfolios are well positioned to deliver attractive risk-adjusted returns given the persistent supply/demand imbalance for high-quality affordable housing, and we see long-term benefit for residents across the country in maintaining the sustainability of affordable housing. We are pleased to add these residential communities to the SREIT portfolio and intend to continue to invest in the affordable housing sector.”
“Our experience with both affordable and market rate multifamily properties in these markets allowed us to underwrite and do these transactions quickly and efficiently,” added Andrew Coren, Senior Vice President at Starwood Capital. “These portfolios provide substantial and defensive in-place cash yields, illustrated by stable performance and collections through COVID-19. The affordable housing sector has significant barriers to entry and these acquisitions also possess high growth potential based on demographic trends in these markets.”
As of September 30, 2020, the SREIT portfolio has a total asset value of $4.3 billion across 106 properties.

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LOS ANGELES, CA – Walker & Dunlop announced that it completed the $60,000,000 sale of 416 on Broadway, a 115-unit Class A apartment community in the established Glendale submarket of Los Angeles, California.
Originally built as for-sale condominiums in 2009, 416 on Broadway boasts exceptionally large floor plans, averaging 1,102 square feet. This unique feature has proven to be a significant advantage over the competition, as renters continue to work from home and desire extra space. In addition to spacious units, residents delight in a boutique feel, an abundance of outdoor amenity space, including a fully renovated state-of-the-art fitness center, and convenient access to the retail, entertainment, and dining in Glendale. Its brilliant location and unmatched offerings position 416 on Broadway to perform well for years to come.
Walker & Dunlop’s property sales team included Hunter Combs and Blake Rogers. The team represented both the buyer, Ron Nasch, and the seller, Essex Property Trust, serving as broker and advisor for the disposition.
Said Mr. Combs, “416 on Broadway is a best-in-class asset located in the durable Glendale submarket. Although Glendalehas seen an increase in multifamily inventory of about 11 percent since 2010, it has been able to consistently achieve occupancy rates north of 96 percent, as well as meaningful rent growth.” Combs added, “Additionally, from a sale perspective, the submarket has only seen six institutional multifamily sales since 2009, adding a scarcity premium to opportunities that arise. Moreover, the lack of supply headwinds is particularly encouraging.”
Walker & Dunlop also arranged Fannie Mae acquisition debt on behalf of the buyer. The finance team was led by Brian Eisner and Levi Brooker, who commented, “In spite of the challenges posed by the pandemic, Walker & Dunlop was extremely pleased to deliver a long-term interest only loan at a historically low interest rate.”

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