Fountain, Crosswind to Build Dallas-Area Student Housing
- Feb 16, 2012
February 16, 2012
By Scott Baltic, Contributing Editor
Fountain Residential Partners of Dallas, in association with Crosswind Development Partners, plans to break ground this spring on a luxury 139-unit, 427-bed student-housing community adjacent to the University of North Texas in Denton, Fountain announced Tuesday. The project, called 33 North, is scheduled for completion in fall 2013.
Fountain president Brent Little said that the UNT student body is expected to increase to 45,000 over the next five years. Fall 2010 enrollment was about 36,000.
33 North is just the latest student-housing project to be announced. Commercial Property Executive has covered a spate of these lately, most recently a 1,232-bed project at the University of Arkansas. Last week, Landmark Properties and Harrison Real Estate Capital L.L.C. announced a partnership on a 774-bed project at the University of Arizona. And late last month, aided by $52 million in financing placed by Holliday Fenoglio Fowler L.P., The Scion Group and Arch Street Capital Advisors purchased a 1,345-bed portfolio spread over the campuses of the University of North Texas and Texas Tech University.
“The trends do show an active student housing sector when it comes to construction and renovation,” James Baumann, a spokesperson for the Association of College & University Housing Officers – International, told CPE. According to a 2010 ACUHO survey, 82 percent of the institutions that responded have some sort of student housing project (whether new construction or renovation) slated sometime in the next five years.
“Student populations are growing on campuses,” Baumann said, “and many of the [residence] halls built in the wake of the last student housing boom (Baby Boomers in the late ’60s and early ’70s) are due to be replaced. Campuses have had to respond to the need.”
So, too, have private developers.
Fountain alone has at least three more student-housing projects in the pipeline. The Vue on University Drive apartments at Texas Christian University in Fort Worth is nearly 100 percent leased for its grand opening this summer. A second site, one block from the TCU campus, is under contract for a similar loft-style luxury development to start construction later this year, for occupancy in summer 2013. And a 309-bed student housing project in Corvallis, Ore., near Oregon State University, will open next fall.
In addition, a “high density collegiate-oriented housing development” is slated for a site in Minneapolis that’s adjacent to University of Minnesota property and close to a new light rail station.
Sited adjacent to UNT’s Greek housing, the five-story building at North Texas will feature a parking garage, clubhouse, study room, fitness center, infinity pool and outdoor deck with the fully furnished one-, two-, three- and four-bedroom apartments.