GSA and Yugo enter Austin market with acquisition and management of Waterloo Tower
Global Student Accommodation (GSA or the “Company”), the global leader in student housing, has completed the acquisition of Waterloo Tower, Austin, Texas, from LV Collective, an Austin-based multifamily and student housing developer. The property will be managed by GSA’s global operating partner, Yugo, and rebranded as Yugo Austin Waterloo (“Yugo Austin Waterloo”). The recently completed 796-bed residence further diversifies GSA’s portfolio in the United States, with the business now present in 23 states and 31 cities across the country.
Located in the center of Austin’s student district and just 0.1 miles from The University of Texas at Austin, Yugo Austin Waterloo is an exceptional new residence. The location, combined with unrivalled facilities that include high-end finishes, study hubs, fitness facilities and an in-house coffee shop, has attracted significant student interest.
One of the largest universities in the United States and Texas’ leading research university, the University of Texas at Austin attracts 52,000 students, 3,000 teaching faculty, and more than $650 million annually for research. In addition to the university’s credentials, Austin is considered one of the leading business environments in the United States due to a combination of good infrastructure, its young, educated and innovative workforce and quality of life. As a result, the city is regional headquarters to a number of prominent global corporates.
Commenting on the acquisition, Robin Moorcroft, Transaction Director, Global Student Accommodation, said:
“Austin is a key market for GSA with strong demand for student housing, and we’re incredibly pleased to have secured a foothold in the city alongside leading peers in our sector. Yugo Austin Waterloo further demonstrates our momentum and very targeted U.S. acquisition strategy, where we have built a significant portfolio of over 40 living spaces since entering the market. Through our joint venture with investment funds managed by Morgan Stanley Real Estate Investing we will continue to focus on becoming a U.S. student housing leader, supported by our operating partner Yugo.
"We remain confident in the outlook for student housing, with its robust supply and demand dynamics and the increasing uptake of higher education globally. GSA’s 30 year track-record, diversified portfolio, strong relationships and unparalleled sector knowledge position us well to continue delivering long-term investor value.”
Yugo Austin Waterloo will be managed by GSA’s global operating partner Yugo. With the aim of enhancing students’ overall experience throughout and beyond university and college life. Through collaborative events and projects under the Live Your Best Life program, Yugo empowers students to live their lives with purpose and impact. This program supports students through three pillars based on sustainability – YugoEco; education – YuPro; and personal development – and YuGrow, to deliver on their needs and expectations.
Aly El-Bassuni, Chief Executive Officer of Yugo, said:
“We are thrilled to add this market-leading residence to our growing list of managed living spaces in the U.S. As the first and only global student housing brand and operator, our student-led approach, along with decades of expertise in enhancing the student living experience helps us address student demands for sustainable, educational, and personal growth all over the world. We look forward to continuing the Yugo mission in this premier location in Austin to help students live their best lives with purpose and impact.”