The Project
The 30-story Waterloo is the first development of its height in West Campus. Waterloo towers over 24th Street, the neighborhood’s primary pedestrian access corridor. Waterloo disrupted the status quo in experience-based student housing not just at The University of Texas at Austin but across the nation.
“Be the best you at Waterloo.”
Sitting two blocks from UT, the property offers proximity to campus as well as popular retail and restaurants on The Drag and in the West Campus neighborhood. The community consists of 241 units and 796 beds housed on 25 resident levels, on top of four floors of above grade parking on levels two through five, providing 101 parking spaces. Waterloo features lively activation spaces, including local coffee purveyor, Daydreamer Coffee, and a variety of private and group study spaces.
Background
Bordering The University of Texas at Austin, West Campus is one of the most densely populated neighborhoods in the state of Texas, home to nearly 20,000 residents, most of which are students.
For this reason, West Campus is an extremely competitive student housing market. With new student apartments popping up each year, each with increasingly impressive offerings, it is critical that projects distinguish themselves in a market where luxury student housing has become a commodity.
Fully aware of this challenge, LV had its eye on 0.45 acres of property along 24th Street, the primary pedestrian access corridor of West Campus. In 2019, LV Collective swiftly acquired the site in an off-market transaction, made possible by its market intel, long-standing relationships, and credibility based on its other successful student projects in the Austin market.
Disrupting Traditional Student Housing
LV took this opportunity to exercise a fresh approach to student housing. With its energized amenity spaces and intentional design, as well as its prime location and 30-story views, Waterloo Tower challenged the status quo in student housing and earned its distinction as the highest tower in West Campus.
Waterloo’s status as the first 300-foot, 30-story student housing property in West Campus was made possible by a density bonus amendment made to the University Neighborhood Overlay in November 2019. UNO allows developers to build more units than are permitted by a site’s base zoning if they set aside a portion of units for affordable housing as defined by the City of Austin. For Waterloo, this meant allocating two floors, or 20% of the total units, to affordable housing. The building broke ground in 2020 and was delivered ahead of schedule.
Amenities for the Active Student
Thoughtfully-designed spaces capture the vivacity of UT Austin students and provide residents with an amenity-rich experience to complement the college lifestyle.
The tower features local coffee purveyor, Daydreamer Coffee, welcoming residents and guests alike. Daydreamer’s products speak for themselves; we source the highest quality beans and offer local pastries and breakfast tacos to best serve our customers. The first two levels include a variety of seating, including both open and private study spaces. From a sunken living room to private study rooms, there is no shortage of unique spots for students to study and socialize.
The 30th floor features a rooftop amenity level, the pinnacle of the Waterloo experience. Waterloo’s rooftop pool deck features stunning views of downtown Austin and UT campus, with private cabana style seating, a hot tub, and a waterfall edge pool that cascades into the city skyline. Inside, Waterloo’s 30th-story wellness space includes a fitness center with unobstructed views of UT campus, as well as a spin room, yoga studio and two saunas.
The details of Waterloo’s lobby and amenity spaces stay true to their original design intent. From light fixtures and greenery to contrasting fabrics and wallpaper, every aspect of the design is thoughtfully curated. LV purposefully created areas to allow students to socialize, while offering usable personal space. With the idea of ‘together but separate,’ Waterloo features rooms within rooms – large open areas with cozy arched-opening booths. Rich colors, plants, carefully curated local art, vintage Moroccan rugs and Saltillo style floors add warmth and comfortability. In addition to the physical design, LV carefully designed other aspects of the experience, including a signature scent and a Waterloo playlist.
Everything From Streamlined Studios to a Polished Penthouse
On top of activated, intentionally designed community spaces, Waterloo’s residential levels were designed with the modern college student in mind. Waterloo’s floor plans consist of fully furnished studios through six-bedroom layouts. All residences feature stainless steel appliances, walk-in closets, in-unit washers and dryers, high-end finishes, and a designer furniture package. The 30th level features an exclusive five-bedroom penthouse, with elevated, personalized interior design by Chelsea Kloss and direct access to the rooftop amenity space.
The Results
Waterloo positioned itself in the highly competitive Austin market as not only a place to live, but an experience. Between its elevated amenity spaces, curated design, well-positioned location, and 30-story views, Waterloo was set up for success to pre-lease.
Waterloo led the charge in off-campus leasing at UT, hitting 95% leasing velocity by March 2021 and achieving 100% occupancy in the 2021-2022 leasing season. Not only was the development fully leased at the time of delivery, but the delivery was ahead of schedule and outperformed proforma. Waterloo sold in August 2022 and was one of the largest single-asset sales during the pandemic.
Press & Awards
