Global Student Accommodation has acquired Waterloo Tower, a 796-bed student-dedicated community in Austin, Texas, adjacent to The University of Texas at Austin. LV Collectiveformerly known as Lincoln Ventures, developed the new property after securing a $76.3 million construction loan, financed by UMB Bankin 2020. GSA’s global operating partner Yugo will manage the property.
Rebranded as Yugo Austin Waterloo, the community comprises a 30-story tower with a mix of one- to six-bedroom fully furnished apartments, varying from 286 to 1,695 square feet with in-unit laundry facilities, stainless steel appliances and quartz countertops. Community amenities include an on-site coffee shop, spin studio, fitness center, swimming pool with hot hub and sauna, as well as private study rooms.
Located at 2400 Seton Ave., the community is next to the university campus and within a mile of DKR Texas Memorial Stadium and Caven Lacrosse and Sports Center. Several retail options, including Target, as well as several dining options, are within half a mile from the community. Downtown Austin and several entertainment hubs are less than 1.5 miles from Yugo Austin Waterloo.
GSA’s student housing portfolio currently includes some 40 properties totaling more than 6,000 units across 23 states and 31 cities in the US, Yardi Matrix data shows. The firm entered the market at the end of 2020, after buying an 8,000-bed student portfolio across 18 states. At the end of last year, GSA also formed a multibillion-dollar joint venture with a Morgan Stanley Real Estate Investing fund.