Located just north of the University of Texas (main campus and graduate schools), the 305 35th Street and Miller Square Apartment communities  are nestled in the heart of the desirable North Campus neighborhood.  We acquired both properties largely because of their respective and highly sought-after in-fill locations adjacent to the University of Texas at Austin main campus (with current enrollment of around 51,000 +/- students, and all the related professors and employees).  Both properties are also proximate to the St. David’s Medical Center and minutes from downtown Austin and its accompanying entertainment districts. Though we had limited student housing experience, because the  properties in this area rarely become available, especially those that are walking distance to the UT campus, restaurants and retail, we felt the underlying value of the assets to be compelling.  Because of the absentee ownership and condition of both assets, we also felt there was some-add potential via making minor improvements and, thereafter, capture of increased market rents. Though we executed our investment strategy well, including a refinancing of a portion of investor equity following making improvements, we ultimately determined that our management experiences were not well suited to adequately address the nuances of a student housing operation.  Accordingly, we divested the assets to a student-housing operator in favor of focusing on our core multifamily investment strategy.