Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of Gateway at Denton, a 228-unit, 696-bed, purpose-built student housing asset located near the University of North Texas (UNT) in Denton, Texas.
“Enrollment at UNT grew over 24% during the past five years to 47,507 students in fall 2023,” said Peter Katz, IPA executive managing director. “With this rapidly growing enrollment 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% occupied for the 2024-25 school year. 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, IPA executive managing director, 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.
The property is the first stop on Denton County Transportation Authority’s BST 164 bus line that takes students directly to campus. Rayzor Ranch Town Center, which includes a Sam’s Club, Walmart, WinCo, Albertsons, Petco, Academy Sports, and Marshalls is within a 10-minute drive.
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 square feet to over 1,360 square feet. Community amenities include a renovated clubhouse, three natural gas swimming pools with cabanas, grilling stations, and natural gas firepits, a halfcourt basketball court, a fitness center, and a computer lab.
Marcus & Millichap, Inc. (NYSE: MMI) is a leading national brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services. As of December 31, 2023, the Company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The Company also offers market research, consulting and advisory services to our clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion.
Institutional Property Advisors (IPA) is 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.
