Columbus Nova MB is pleased to announce its acquisition of Rio West, a mid-rise purpose-built student housing asset serving students attending the University of Texas at Austin. The 388 bed community is located 2.5 blocks from the University in the highly desirable West Campus neighborhood – an area well known for being the epicenter of the University’s academic, commercial, social and Greek life environments.
Brant Murdock, Principal at Columbus Nova MB commented, “We are thrilled to acquire this unique asset, situated in a perfect location a mere 2 minute walk to campus. Over the next year we will be investing heavily in the property to improve nearly every aspect of it from a resident’s perspective. From the units themselves, to the common areas, pool, gym and other amenities – we’re excited to breathe fresh life into this property, while concurrently delivering unmatched value, safety and security, and a fun living environment to its residents.”
Andrew Lallathin, Managing Partner at Coastal Ridge Real Estate Partners, commented: “We are extremely excited for the opportunity to collaborate with Columbus Nova on this marquee asset, and are eager to take Rio West to new heights for its loyal residents and the greater West Campus community. We are motivated to upgrade the community, which will drive additional foot traffic as well as ensure that Rio West remains a top location for students seeking off-campus housing.”
Please visit http://rioweststudentliving.com/ for more information on this community. To find out more about Columbus Nova MB, go to http://www.columbusnovamb.com/ and access our informational library. Columbus Nova MB has offices in Charlotte, New York. For information about this transaction, please contact Amos Beason +1 (704) 285-7750, Lon Brown at +1 (704) 285-7756 or Aldo Martinez at +1 (704) 285-6533.
Columbus Nova MB LLC manages portfolios of real estate assets for a variety of investors in a separate account program. CNMB’s Advisory Group serves middle market businesses by providing buy and sell-side, capital formation and restructuring services on a fee basis. CNMB also manages the Baikal Program, which makes investments in growing businesses and in private equity funds.
About Coastal Ridge
Coastal Ridge Real Estate is a full service real estate investment firm established to leverage the operational platforms, industry networks, and skill sets of our principals in order to successfully execute on a core, core plus, and light value add investment strategy in the student housing, senior housing, and conventional multifamily real estate asset classes. The firm’s vertically integrated platform includes transaction services, asset management, and property management. Coastal Ridge’s portfolio currently includes approximately 9,000 student housing beds and nearly 3,000 conventional apartment units across the country, with assets under management totaling over $900 million. Headquartered in Columbus, Ohio with a West Coast office in Malibu, California, Coastal Ridge is led by a team of over 300 real estate professionals. The firm was named to the 2015 and 2016 Inc. 5000 lists of Fastest-Growing Private Companies in America, and was honored as one of Columbus’ Fastest Growing Companies in Central Ohio by Columbus Business First in 2015 and 2016.