BCEG International Investment US ("BCEGI"), the U.S. investment platform of Beijing Construction Engineering Group that focuses on real estate development, investment, and construction, and an Austin, Texas based vertically integrated real estate investment and management firm, recently partnered together to acquire the student housing properties known as University Estates and University Village in Austin, Texas.
University Estates and University Village were built between 1997 and 2001, respectively. Located on the University of Texas shuttle route, the southeast Austin communities offer students high end amenities such as resort-style pools, fitness centers, clubhouses, basketball courts, tennis courts, computer labs and private study rooms. The properties combined consist of 846 units and 2,700 beds.
The southeast Austin submarket has displayed a lot of activity over the past few years with impressive new developments and large employers fueling the submarket’s growth. The student housing and multifamily market continues to maintain strong rent growth and high occupancy.
BCEGI has its US headquarters in Woodland Hills, CA, but the Texas real estate markets have been one of the primary targets of BCEGI over the years. BCEGI invests in and constructs assets of all classes, including multifamily, student housing, health care, commercial and hospitality.
“We see huge upside potential in Austin’s multifamily market”, said BCEGI General Manager, Tingting Han. “Outside of our usual comfort zone as a globally renowned general contractor, we have been looking for opportunities in the acquisition arena. Closing the two student housing deals is quite an accomplishment this year. We are glad to see this deal crossing the finish line, and these assets will prove to be a great success for our organization.”