DENTON, Texas, Sept. XX, 2024 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Gateway at Denton, a 228-unit, 696-bed, purpose-built student housing asset located 0.4 miles from University of North Texas, in Denton, Texas, where enrollment has grown by 24.7 percent over the past five years to 47,507 students in Fall 2023.
“With the rapidly growing enrollment at UNT and little to no recent deliveries, the demand for off-campus student housing is outpacing supply, and as a result, Gateway at Denton is 100 percent occupied for the 2024-25 school year” said Peter Katz, IPA executive managing director. “Our team is appreciative to have helped facilitate this highly competitive bidding environment and we acknowledge the seller and buyer on their collaboration in completing the trade.” Katz and Drew Kile, executive managing director of IPA Texas, represented the seller, Los Angeles-based MJW Investments, and procured the buyer, Vesper Holdings. Tim Speck, senior vice president and division manager is Marcus & Millichap’s broker of record in Texas.
Located less than one half mile from campus, Gateway at Denton is the first stop on DCTA’s BST 164 bus line that takes students directly to campus. The property is situated within a ten-minute drive to Rayzor Ranch Town Center which includes a Sam’s Club, Walmart, WinCo, Albertsons, Petco, Academy Sports, Marshalls and more.
Completed in 2005, Gateway at Denton features a mix of two-, three- and four-bedroom floor plans with complete bed/bath parity ranging from 816- to over 1,364-square feet in size. Community amenities include a renovated clubhouse, three resort-style swimming pools with cabanas, grilling stations and natural-gas firepits, a halfcourt basketball court, a fitness center and a computer lab.
About Institutional Property Advisors (IPA)
Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios. For more information, please visit www.institutionalpropertyadvisors.com
