Eleven03 West Campus
Student housing in the heart of West Campus.
Overview
A purpose-built student-housing concept near the University of Texas, designed around walkability, modern amenities, and the constrained supply dynamics of West Campus.
- Asset type
- Purpose-built student housing
- Location
- Austin, Texas
- Operating partner
- OGH Real Estate
- Investment structure
- GP equity
- Position in capital stack
- Equity. A general partner position, not a limited partner interest.
- Minimum investment
- To be confirmed
- Expected investment period
- To be confirmed
- Current project stage
- Under construction
- Capital status
- Available now
Why this opportunity exists
Why is this available, and why now.
UT Austin enrolment stands at a record 54,000 students.
Reported 2026The university houses roughly 7,000 students on campus, about 18% of the student body, leaving some 47,000 living off it.
UT Austin University Housing and Dining, 2026The University Neighborhood Overlay, adopted in 2004 to force density in West Campus, has added more than 25,000 bedrooms.
City of Austin Housing Department case study, 2023The UNO update vote has been stalled roughly a year past its scheduled date, which constrains new entitlement in the overlay.
The Daily Texan, 13 April 2026UT Austin has the largest student-housing construction pipeline in the country: 5,522 beds under construction. New supply competes directly with this project.
Berkadia Student Housing Market report, 2023
Each point above is attributed and dated. Points marked against the thesis are included on the same footing as the rest: an investor cannot weigh a market without them.
- Walkable access to the University of Texas
- Constrained West Campus development environment
- Purpose-built resident amenities
- Experienced Austin development partner
These are the points Capstaq publishes for this opportunity. They are qualitative; the sourced evidence sits above.
Meet the operator
The investor is backing people more than a building.
A real estate development and operating partner associated with select student housing and commercial real estate opportunities.
- Capstaq's relationship with this operator
- Capstaq is the capital and investor-relations partner on this opportunity. The operator develops and operates.
- Sam OwenNot yet published.
- Peter BaltmanisNot yet published.
Photograph, background, and years in the asset class are not published for these individuals.
Planning and execution across a defined development process.
Disciplined sourcing and review of potential sites and assets.
Execution focused on the practical work behind the plan.
Ongoing attention to asset performance and decisions.
Responsibility assigned to the people operating in-market.
Opportunity context and material changes surfaced for review.
Who does what.
The operating partner develops and operates. Capstaq serves as its capital and investor-relations partner. Together, we present opportunities and support investors throughout the investment.
The operating partner
OGH Real Estate
- Develops the propertySite, entitlement, design, and construction sit with the operating partner.
- Operates the assetDay-to-day operations and performance are the operator’s responsibility, not Capstaq’s.
- Owns the business planThe plan, its assumptions, and its execution belong to the operator.
- Fields the operating teamThe in-market people accountable for the plan are the operator’s team.
Capital and investor relations
Capstaq
- Builds the investor relationshipThe relationship sits with Capstaq, before an opportunity and after it closes.
- Presents the opportunityThe asset, the operating plan, and the structure, presented in one place and in one voice.
- Explains structure and riskWhat the ownership position is, what it depends on, and what can go wrong.
- Coordinates access to materialsThe operating partner, as the issuer, is responsible for the offering documents, the reporting, the distributions, and the tax documents. Capstaq coordinates your access to them.
- Manages onboardingEligibility, subscription, and funding, run as one process.
- Maintains communicationReporting and contact continue for the life of the investment.
Understand the structure
Exactly what you would be buying, and where you would sit.
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You The investor Capital in, reporting and distributions out, on the terms in the offering documents.
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The investment entity GP equity held here The vehicle you subscribe into. Capstaq holds a position alongside you in this opportunity.
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The property entity Owns the asset Controlled by OGH Real Estate, which develops and operates.
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Eleven03 West Campus Austin, Texas The asset itself.
The entities are shown by the role each plays. Capstaq does not publish their registered names; the offering documents name them, and those documents control.
- Security type
- GP equity
- What that means
- A general partner position, not a limited partner interest. No front-end acquisition fee and no back-end waterfall, a straight ownership percentage. You own alongside Capstaq, which holds a GP position in this opportunity.
- Waterfall, tier by tier
- No back-end waterfall. A straight ownership percentage.
- Amount or percentage
- None on this opportunity.
- Who pays it
- Not applicable. No such fee.
- When it is paid
- Not applicable. No such fee.
In the offering documents
In the offering documents
In the offering documents
In the offering documents
In the offering documents
In the offering documents
In the offering documents
This table lists every fee type that can exist in an opportunity of this kind. A row reading “not published” records that Capstaq does not publish that fee here. It does not state that the fee is absent from the transaction. Fees, their amounts, and their timing are set out in the official offering materials, which control.
Business plan and timeline
What has to happen, in what order, and where this is today.
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6 July 2026
Broke ground
Construction began on the site. A dated, checkable fact, not a projection.
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Today
Under construction
Delivered against the construction schedule set out in the official materials.
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Next
Pre-lease during construction
Beds are leased while the building is going up, so occupancy is contracted before the doors open.
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Then
Certificate of occupancy, then sale
The plan is to sell at certificate of occupancy rather than hold and operate for years.
Timing, sequencing, and duration are described in the official offering materials, which control. Dates can move.
What has to go right, what could go wrong
The downside, before you ask for it.
The exit depends on a buyer.
Identified buyers are not committed buyers. If none transacts at certificate of occupancy, the hold extends.
What could go wrong
- ConstructionSchedules slip and costs move. A delay pushes every date after it, including the exit.
- Lease-upPre-leasing is a plan, not a guarantee. Beds can lease slower, or at lower rents, than underwritten.
- The exit depends on a buyerIdentified buyers are not committed buyers. If none transacts at certificate of occupancy, the hold extends.
- No income during constructionA building under construction produces no operating income. Do not expect distributions during the build.
- IlliquidityPrivate real estate ownership cannot be sold on demand. Plan for the capital to be committed for the duration.
- Loss of principalInvestments involve risk, including possible loss of principal. Past performance is not indicative of future results.
What has to go right
- Construction stays within budget and on scheduleThe plan is priced and timed off the construction schedule in the official materials.
- Pre-leasing hits its pace and its rents during constructionBeds are leased while the building goes up, so the lease-up assumption is load-bearing before the doors open.
- University demand holdsThe thesis rests on UT enrolment and on students continuing to want to live in West Campus.
- A buyer transacts at certificate of occupancy, at economics that support the dispositionThree buyers have been identified. Identified is not committed, and the exit is the plan.
Documents and due diligence
The file, and who releases it.
- Offering memorandum / PPM
- Operating agreement
- Subscription documents
- Sources and uses
- Development budget
- Financial model
- Site plans and renderings
- Construction information
- Entity structure
- Sponsor information
Available to qualified investors after access approval.
Locked items are the standard file of a private placement and are released by the issuer, not by Capstaq. A category that does not appear here has not been commissioned or is not part of this opportunity, which is different from being withheld.
Ask about this sectionGood questions make better conversations.
Current availability, terms, risks, and eligibility are confirmed only in the official materials. Start with a conversation.
A single PDF of this complete file, watermarked and dated, is not available yet. When it is, it will carry the same ten sections in the same order as this page.
This high-level overview is not an offer or solicitation. Official offering documents, eligibility requirements, and risk disclosures control.