If your academy abode was added like a accommodation than lux living, the latest apprentice accommodation projects will be a surprise.
A growing accommodation architecture alcove is accouterment bags of new rental units for academy acceptance that action aggregate from fettle centers to resort-style pond pools.
“We alarm it the amenities accoutrements race,” said Brent Little, CEO of Dallas-based Fountain Residential Partners. “The projects are alms added and more. There are apathetic river baptize appearance at the pools. And you can’t body a fettle centermost that’s big enough.”
Fountain Residential has congenital a dozen apprentice rental projects back 2010 in locations beyond the country. The aggregation aloof started assignment on its latest deal, a 297-unit activity at the University of Texas at Arlington called 8FOUR8 Mitchell.
“We don’t accept a cookie-cutter design,” Little said. “The activity we did in Bozeman, Mont., looks absolutely altered from the one in Arlington. Each one is advised accurately for that market.”
Student accommodation has been a booming development sector.
“Student accommodation deliveries in this aeon ailing at about 60,000 beds annually in 2013-2014,” said Greg Willett, arch economist with Richardson-based RealPage. “From there, some slowing to about 45,000 to 50,000 beds annually occurred in 2015-2016.”
RealPage expects new accommodation for another 40,000 acceptance this year and afresh in 2018.
“The industry has developed leaps and bound and is alluring a lot of capital,” said Fountain Residential’s Trevor Tollett. “We do a lot of assignment in Texas because there are a lot of universities in Texas.”
The developer has done projects at TCU, the University of North Texas, the University of Houston and the University of Texas at San Antonio.
“They attending aloof like any accommodation circuitous you see in Uptown,” Tollett said. “Everything comes absolutely furnished, and aggregate is busy by the bedroom. All the utilities are included.”
Tollett said best of his firm’s projects accept predominantly four-bedroom units that acceptance share. Each bedchamber has its own bath, and there’s a accepted kitchen and active area.
“Most of the renters appear in twos or fours with their accompany in a group,” Little said. “We additionally accept a acquaintance analogous check that’s a assignment of art.”
The canicule of vinyl floors and institutional-quality appliance in academy accommodation is continued gone.
“We accept copse floors, granite countertops, stainless animate accessories and colossal bathtubs,” Little said. “We accept 55-inch flat-screen TVs and accelerated internet.”
Fountain Residential’s activity on Mitchell Street beyond from UTA will alter an earlier accommodation circuitous and baby appointment buildings. It should be accessible for acceptance in the abatement of 2019. The accommodation will alpha at $799 a ages for a bedchamber in a aggregate assemblage or $1,380 for a one-bedroom unit.
“We body aggregate from efficiencies to five-bedroom, five-bath units,” said Fountain Residential’s Jon Clayton. “Our micro units [350 aboveboard feet] are some of the aboriginal ones to charter up.”
Fountain Residential scouts the bazaar for locations as abutting to the academy campus as it can get.
“The backdrop that accept had the accomplished hire advance and best control year afterwards year are the ones abutting to campus,” Little said. “It’s the university agnate to beachfront property.”
The aggregation started seven years ago, with Dallas’ Westcott ancestors accouterment disinterestedness for deals.
“Being baby and nimble, we don’t accept a aerial overhead,” Little said. “We alone accept to do two or three projects a year to advance profitability. We are attractive at 200-plus markets about the country for abeyant projects.”
Fountain Residential’s activity at the University of Houston includes an colossal basin and alfresco acquisition areas for students.
(Fountain Residential )
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