Investors Put Millions Into a Luxury Student Dorm. They Say They Were Ripped Off.

Lawyers, retirees and others who invested their savings in a luxury student dorm say two real estate firms duped them. They’re suing to recoup their money.

By Matthew Goldstein

Adelaida Martinez was attracted by the opportunity to invest in Skyloft Austin, an upscale student housing complex near her alma mater, the University of Texas at Austin, and collect a monthly dividend check. James Parziale put money into the same deal because he was impressed by the shiny new high-rise with its sun-drenched rooftop pool and door-to-door garbage collection service.

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