The University of Texas at Austin is adding housing units near the campus for more than 1,700 students, a news release said.

The university purchased a 27-story apartment building, Dobie 21, formerly known as the Dobie Center, on the southwest corner of the main campus, the news release said.

It has 980 beds in 504 units and parking for 600 vehicles, according to the news release.

The university has also been authorized by the University of Texas System Board of Regents to build new graduate housing with 780 beds between Comal Street, East 21st Street, Leona Street and south of Manor Road.

“Getting back to near-normal operations this semester has rekindled our passion for the residential experience and campus community, which are central to the UT experience,” Jay Hartzell, president of the university, said in a statement. “And we know that having students closer to campus helps them build community and thrive academically.”

The university's location in the heart of the city makes it "one of the best urban locations of any American university," the news release said.

The university has been challenged, however, by the city's booming real estate market.

"I hope 'initiative to accommodate housing' means 'accommodate affordable housing,' which is one of the biggest draws of students,  especially low-income students, to live at Dobie," Twitter user Katya wrote. "But with @UTAustin you can never be too sure."

The two new projects will help students navigate Austin's competitive real estate market, "while reducing the time and money it takes students to travel to campus, enhancing the overall student experience," the university said.