The James-Myers Multifamily Team of Marcus & Millichap Announces the Offering of Longhorn Lux in Austin, Texas
Class “A” Student Housing: Completed in 2012, Longhorn Lux is a luxury student housing community in the highly desirable West Campus submarket of Austin. Longhorn Lux consists of 70 well-appointed units totaling 243 beds. The property is a three-story mid-rise which includes 213 parking spaces in an underground parking garage with an elevator. The property is fully amenitized with virtually everything a student needs to live, work, study and play. Amenities include a swimming pool with a large deck, private study rooms, lounge areas with couches and flat screen televisions, laundry rooms on each floor, electronic entry and door locks, a game room with billiards, a fitness center, concierge service and a gaming center with PS3 and Wii. All units are furnished with beds, desks, chairs, dressers, flat screen televisions, nightstands and couches. The property is currently 97% occupied and is expected to maintain this occupancy in the upcoming leasing season. Situated within walking distance to the University of Texas and approximately one-quarter mile from highly traveled Lamar Boulevard, Longhorn Lux offers ease of access to all major thoroughfares of Austin. The unique offering of this recently completed student asset offers investors long-term stability and potential for value appreciation.
Student Infill Location: Located directly west of The University of Texas in the extremely popular West Campus neighborhood, Longhorn Lux enjoys a quality location within walking distance to the University. The University of Texas at Austin is the largest in the state of Texas and currently employs over 24,000 faculty and staff and over 52,000 undergraduate and graduate students creating a high demand for campus area housing.
Highly Desirable Student Neighborhood Location in West Campus: Longhorn Lux is well located in West Campus, the highly sought after neighborhood situated just west of The University of Texas. West Campus is one of the strongest student neighborhoods, certainly in Austin, but also in the country. The preferred location for student living for over 50 years, West Campus includes many fraternity and sorority houses, retailers, restaurants and bars. Properties similar to Longhorn Lux have averaged occupancies of 98% and rents have increased approximately 5.7% over the past year. The University of Texas at Austin posted its largest freshman class enrollment in the fall of 2012 and an increased total population of 52,261 students, representing 2.2% growth in enrollment. With continued student enrollment and ease of living demand drivers, West Campus will continue to be one of the most prized student submarkets in the nation, providing strong future rent growth possibilities and excellent value appreciation.
For additional investment information, please contact:
Joe James | firstname.lastname@example.org | 512-338-7852
Kent Myers | email@example.com | 512-338-7853
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The James-Myers Multifamily Team of Marcus & Millichap participated in the sale of 22 transactions in 2012 totaling over 3,000 units and more than $123 Million in sales across Texas. Contact us for acquisitions, dispositions, property evaluations or market information for your Texas apartments.