PAOLI, PA — TSB Realty, LLC closed 2022 by successfully completing the sale of 21 Rio, a 156-unit, 296-bed luxury high-rise student housing property located in Austin’s popular West Campus neighborhood and just blocks from the University of Texas campus. Nimes Real Estate (“NRE”) purchased the asset from CA Student Living and Principal Real Estate.
In addition to TSB Realty brokering the sale, TSB Capital Advisors arranged the acquisition financing for NRE.
“We’re proud to get this deal over the finish line before the end of the year, especially in the current market environment,” said Timothy S. Bradley, a principal with TSB Realty and the founder of TSB Capital Advisors. “It’s a testament to all involved at NRE, CA Student Living and Principal Real Estate—and a sign of how the student housing market can continue to thrive despite turbulent conditions.”
Built in 2009, 21 Rio is a 21-story high-rise featuring one-, two- and three-bedroom floor plans, a parking garage, and approximately 2,680 SF of ground-floor retail. The unit interiors include luxury modern finishes, such as granite countertops, vinyl wood-style flooring, contemporary appliances, in-unit washer and dryer, spacious closets, and carpeted bedrooms. Community offerings are highlighted by a 24-hour business center, rooftop pool with sundeck, state-of-the-art fitness center and resident lounge, and an on-site convenience store.
“We are excited to expand our footprint in Austin with the acquisition of 21 Rio. The unique appeal of the asset and its proximity to campus will surely provide for a stable investment in uncertain times. The transaction was complex, but the execution on all fronts was flawless, and we would like to especially thank Tim and his team for sourcing the very attractive financing during a very difficult time,” said Michael Orsak, managing director at NRE.
NRE is a Los Angeles-based real estate investment firm that invests in student housing, multifamily, and hospitality assets in select markets across the U.S. NRE focuses on value-add and core plus strategies and has invested in over $1 billion of real estate assets.
CA Student Living is a leading vertically integrated student housing developer and investment management company. Founded in 2004, CA Student Living has delivered more than 42,000 beds in nearly 50 different university markets. The platform currently has $1.5 billion of active construction projects expected to deliver by Fall 2023, and more than $1.5 billion of active new development pipeline.
With public and private market capabilities across all asset classes, Principal Asset Management and its investment specialists look at asset management through a different lens, creating solutions to help deliver client investment objectives. By applying local insights with global perspectives, Principal Asset Management identifies distinct and compelling investment opportunities for more than 1,100 institutional clients in over 80 markets. Its dedicated real estate investment team manages or sub-advises $98.5 billion in commercial real estate assets. The firm’s real estate capabilities include both public and private equity and debt investment alternatives.
Principal Asset Management is the global solutions business for Principal Financial Group (Nasdaq: PFG), managing $484.6 billion in assets and recognized as a Top 10 “Best Places to Work in Money Management” for 11 consecutive years.
TSB Realty is a full-service, national investment sales firm specializing in the valuation and disposition of student housing communities and conventional multifamily communities. Since inception in 2014, the Paoli, Pennsylvania-based firm has closed nearly $7 billion in student housing sales for a diverse client base, encompassing more than 50,000 beds from tier 1 markets to tertiary markets.