Institutional Property Advisors Brokers University of North Texas Student Housing Asset Sale
September 25, 2024
DENTON, Texas, Sept. 25, 2024 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Gateway at Denton, a 228-unit, 696-bed, purpose-built student housing asset located 0.4 miles from the University of North Texas (UNT) in Denton, Texas.
“Enrollment at UNT grew over 24% during the past five years to 47,507 students in fall 2023,” said Peter Katz, IPA executive managing director. “With this rapidly growing enrollment and little-to-no recent deliveries, the demand for off-campus student housing is outpacing supply, and as a result, Gateway at Denton is 100% occupied for the 2024-25 school year. Our team is appreciative to have helped facilitate this highly competitive bidding environment, and we acknowledge the seller and buyer on their collaboration in completing the trade.” Katz and Drew Kile, IPA executive managing director, represented the seller, Los Angeles-based MJW Investments, and procured the buyer, Vesper Holdings. Tim Speck, senior vice president and division manager is Marcus & Millichap’s broker of record in Texas.
The property is the first stop on Denton County Transportation Authority’s BST 164 bus line that takes students directly to campus. Rayzor Ranch Town Center, which includes a Sam’s Club, Walmart, WinCo, Albertsons, Petco, Academy Sports, and Marshalls is within a 10-minute drive.
Completed in 2005, Gateway at Denton features a mix of two-, three- and four-bedroom floor plans with complete bed-bath parity ranging from 816 square feet to over 1,360 square feet. Community amenities include a renovated clubhouse, three natural gas swimming pools with cabanas, grilling stations, and natural gas firepits, a halfcourt basketball court, a fitness center, and a computer lab.
“Enrollment at UNT grew over 24% during the past five years to 47,507 students in fall 2023,” said Peter Katz, IPA executive managing director. “With this rapidly growing enrollment and little-to-no recent deliveries, the demand for off-campus student housing is outpacing supply, and as a result, Gateway at Denton is 100% occupied for the 2024-25 school year. Our team is appreciative to have helped facilitate this highly competitive bidding environment, and we acknowledge the seller and buyer on their collaboration in completing the trade.” Katz and Drew Kile, IPA executive managing director, represented the seller, Los Angeles-based MJW Investments, and procured the buyer, Vesper Holdings. Tim Speck, senior vice president and division manager is Marcus & Millichap’s broker of record in Texas.
The property is the first stop on Denton County Transportation Authority’s BST 164 bus line that takes students directly to campus. Rayzor Ranch Town Center, which includes a Sam’s Club, Walmart, WinCo, Albertsons, Petco, Academy Sports, and Marshalls is within a 10-minute drive.
Completed in 2005, Gateway at Denton features a mix of two-, three- and four-bedroom floor plans with complete bed-bath parity ranging from 816 square feet to over 1,360 square feet. Community amenities include a renovated clubhouse, three natural gas swimming pools with cabanas, grilling stations, and natural gas firepits, a halfcourt basketball court, a fitness center, and a computer lab.
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About Institutional Property Advisors (IPA)
Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios. For more information, please visit www.institutionalpropertyadvisors.com.