Austin-based real estate developer Parallel has announced the development of a new mixed-use student housing development in College Station, Texas, the US.
The new 18-storey student housing development will be situated in Northgate Campus neighbourhood adjacent to the Texas A&M campus in College Station. It will include 298 units featuring 802 beds.
The company has collaborated with an institutional student housing investor for the College Station project, which is being funded by BMO Harris Bank as administrative agent and Webster Bank as documentation agent.
Planned to be delivered in 2023, the new student housing development will be constructed on the site, which is owned by the University Lutheran Chapel (ULC) of College Station under a long-term ground lease agreement.
It will feature an outdoor theatre, cabanas, multiple fire pits, a pool, a sand volleyball court, two hot tubs, poolside gym, outdoor kitchen areas, other outdoor formal and informal gathering areas.
The project will also include a two-level fitness centre, an intimate performance stage, onsite garage parking with dedicated car charging stations, motorcycle, and bicycle parking with a bike repair facility.
Parallel stated that the community amenities at the new development will be designed to fit the needs and lifestyle of the students.
Parallel principal David Pierce said: “We have been targeting the market and potential sites at Texas A&M for quite a while waiting for the right opportunity to present itself. We are so pleased that our patience and diligence paid off.
“This new development in College Station will be a one of kind in the market overlooking the campus, in the heart of the highly desirable Northgate district.”
Furthermore, Rhode Partners along with Levy will work on the architecture and interiors while Rogers-O’Brien is serving as the general contractor for the project.
Parallel announces development of new mixed-use student housing development in Texas. Credit: Vincent_Zhang from Pixabay.