UT Area Property Values up 40%?

I invest in real estate on the side and I got the great idea that property around campus would be a great investment. Lots of demand, lots of turnover so rents can be adjusted easily. Then I ran across this image which makes me think maybe that area is already in a bubble. Who the heck is paying cash for all these condos? http://uptownrealtyaustin.com/west-campus-condo-sales/