Gateway at Denton, University of North Texas

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Opportunity

  • 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.

Jameson Elder