Denton, Texas — TIAA-CREF has acquired 33º North, a student housing complex located in Denton near the University of North Texas that was developed by Fountain Residential Partners.
The 427-bed property was built in 2013 and is located southeast of the university.
“Having managed student housing investments on behalf of various client portfolios for the past twenty years, we have now made our first investment specifically in a purpose-built, highly amenitized student housing asset,” says Jay Martha, a managing director for TIAA-CREF Asset Management’s Global Real Estate group. “We already have a number of multi-family housing properties that serve student populations, but we are now actively targeting the purpose-built sector, which offers attractive yields and risk profiles.”
FourPoint Student Housing Investments co-founders Chris Epp and Chris Bancroft lead the sales efforts, along with the assistance of Director Meredith Wolff.
33º North is privately owned, purpose-built and leased by-the-bed, with each student (and parents as guarantors) responsible for the rent for their own separately locked bedroom within a multi-bedroom unit. There is a one-to-one bathroom-to-bedroom ratio and each unit has a shared kitchen and common living area.
Article originally published on studenthousingbusiness.com.