Parallel has announced plans for an 802-unit student community in College Station, Texas. The purpose-built property will serve students at Texas A&M University. The development project is financed by BMO Harris Bank N.A. acting as administrative agent and Webster Bank as documentation agent.
The development team also includes general contractor Rogers-O’Brien and architects Rhode Partners and Levy. The new student housing community is set for completion before the 2023 fall semester.
The 18-story project will consist of 298 apartment units in the Northgate Campus neighborhood adjacent to the Texas A&M University campus. University Lutheran Chapel of College Station, which provided the development site at 315 College Main, will occupy the ground floor upon completion.
Planned amenities include study and conference rooms, a bike repair facility, gym, pool, outdoor theatre, volleyball court and outdoor green areas. All units will feature washers and dryers.
Development activity picking up
The College Station community is one of two projects Parallel plans to deliver in the summer of 2023, the other development being a 351-bed property in Columbus, Ohio. According to information available on the company’s website, two additional student housing projects—a 558-bed community in Austin and a 474-bed community in Birmingham, Ala.—are set to go online this year.
Despite the pandemic taking its toll on leasing and rent growth, construction activity continued to perform well last year, when some 12,000 bedrooms were delivered nationwide. Completed projects accounted for 2.2 percent of the existing inventory, comparable with the previous year’s new deliveries that made up 2.4 percent of the total stock.
The current pipeline stands at about 40,000 units at various stages of development, with the bulk of the projects concentrated in the south, a recent Yardi Matrix report indicates.