Landmark Properties has recapitalized The Standard at Austin, a 287-unit, 934-bed partially affordable student housing community in Austin, Texas, adjacent to the University of Texas at Austin. TSB Capital Advisors arranged the financing.
In October 2018, the developer landed a $101.1 million construction loan from Capital One, according to Yardi Matrix information. The community came online two years later.
The high-rise consists of studio and one- to six-bedroom floorplans, as well as some 5,400 square feet of retail space. Apartments range between 359 and 1,899 square feet. The fully furnished units feature washers, dryers and private balconies or patios in select layouts.
Community amenities at the 1.3-acre property comprise 33,000 square feet and include an expansive pool deck, two-story clubhouse, fitness center, yoga studio, sauna, game room, coffee bar and outdoor gaming area. In addition, there are private study rooms, cabanas with hammocks, a computer lab and two courtyards.
Located at 715 W. 23rd St., the building is within walking distance of the University of Texas-Austin campus and several dining options. Mueller Regional Retail Center and Capital Plaza shopping mall are within 4 miles, while downtown Austin is 1.3 miles away. Austin-Bergstrom International Airport is less than 14 miles southeast.
Austin’s student housing inventory
According to a recently published Multi-Housing News article based on Yardi Matrix data, the University of Texas at Austin had 6,155 beds underway across seven communities as of September—the largest under-construction pipeline across Yardi 200 schools. Significant projects in the area include MDL Group’s 30-story tower, a 555-bed student community that is expected to come online in the summer of 2025.
Currently, Landmark Properties owns and operates six student housing properties in Austin, comprising a total of 3,729 beds. In July, the developer opened The Mark Austin, a 264-unit, 956-bed community adjacent to The Standard at Austin.
