More student housing to spring up along East Riverside in Austin

Dec 23, 2014
Austin Business Journal

Nimes Capital of Los Angeles has begun a $1.5 million renovation to The Ballpark at Austin student housing development on East Riverside Drive and hopes to convert an athletic field on the property into more housing units in the next three years


Nimes purchased the property in October for $29 million, partially financed by Walker & Dunlop Inc., and has made improvements to two-thirds of the 282-unit, 78-bed property. It will complete the final renovations by next summer


Nitin Chexal, Nimes' director of real estate, said his company is also installing artificial grass on the property and taking other measures to make it more energy and water efficient


Chexal said his company has just learned from its legal counsel that it will be possible to convert the athletic field into additional housing and hasn't started putting together a site plan or applying for city permits


"We're looking to expand the number of units on site to meet the demand for housing at the University of Texas," said Chexal, who is based out of Austin and is heading up Nimes' real estate interests throughout the nation


He said multifamily, student and senior housing developments are of the most interest to Nimes in Austin, with an emphasis on repositioning existing properties instead of building new from the ground up


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