The 17-story Aspen West Campus is setting pre-leasing records for Aspen Heights Partners, which offers high-end student housing in six Texas markets, including San Antonio and San Marcos.
Aspen Heights topped out construction on the project this week. The project is Austin Heights' first project in its hometown and first high-rise in its 11-year history. The project does not open until 2018, but students who leased early were offered a chance to pick rooms. To date, 10% of the 464-bed project is leased.
“Student interest in this project has been phenomenal,” Aspen Heights Partners Vice President of Development Ryan Fetgatter said. “We’ve never signed a lease 12 months before opening a project anywhere in the country. This project is truly special, and students are responding.”
Aspen West Campus will include a number of units that are considered more affordable under the city’s S.M.A.R.T. housing program. Lease rates are $1,080 to $1,450, with 50 beds set aside for rents at $760/month. Those rents are typical of most newer properties.
More than 1,500 beds have been added to West Campus in recent years, according to the Austin American-Statesman. Aspen West Campus, at 1909 Rio Grande, joins a number of high-rises in West Campus: University House, 21 Rio and 2400 Nueces. Skyloft Austin is under construction and set to open in 2018.
In other markets, Aspen Heights offers varying products. In San Marcos, San Antonio and most other Aspen locations, the project is more of a loosely connected townhome community. Aspen Syracuse, on the other hand, is more of a traditional upscale apartment complex.
