Gateway at Denton, University of North Texas
Long term Tenant in Common owner was not able to make capital improvements to the property.
Seller was represented by a Dallas-based, non student housing focused broker.
Average in place rents were 10-15% below market and the previous owner was not maximizing their ancillary income structure.
Pre-existing relationship with the Seller helped position our offer during the bidding process.
A- location that is both walkable and the first stop on the school shuttle route in the event students did not want to walk.
Investment Strategy Highlights
Closed in mid July and immediately hit the ground running, renovating 185 units in a 3-week timeframe (between student’s summer move-out and move-in). New flooring, paint, fixtures, and hardware.
Modernized the leasing office, student lounge, study center, and pool area with new flooring, paint, furniture, artwork, and décor.
Immediately bought out an antiquated cable and internet contract and negotiated a new provider. New cable and internet agreement reduced the annual internet expense by $75,000 and brought in 1GB speeds to the property.
Updated exterior curb appeal with complete repaint and updated landscaping.
Restructured tenant utility bill back policy to recapture greater amount of annual utility expenses.