Gateway at Denton | Denton, TX

NAS spearheaded an effective exit strategy on behalf of a twenty-six member tenants-in-common (TIC) group, resulting in a 48% return from a recent divestiture of the property. Since taking over asset management of Gateway at Denton for the Texas student housing property investors in 2010, cash distributions averaged in excess of 5%, resulting in a cumulative return-on-Investment, during the hold period, of over 109%.

Despite the addition of over 4,000 additional beds into the marketplace, during the investment’s hold period, the NAS team supervised efforts to maintain an overall occupancy of over 90%. Achievement of optimal performance was accomplished with aggressive marketing, leasing, superior maintenance and cost-efficient property upgrades. Significant property improvements included painting the property’s exterior and upgrades to the fitness center, swimming pools and plank flooring in select rooms.

Gateway at Denton is located about a half mile east of the campus of University of North Texas, which has an enrollment of over 36,000 students. Situated on 14.7 acres, the 228-unit, 696-bed Class A, garden-style student living apartment community consists of 10 three-story wood frame residential buildings and a single-story central clubhouse and leasing building. The residential buildings contain 251,208 sf of net rentable area, which equates to an average unit size of 1,102 sf. The property features such amenities as three resort -style swimming pools, a lighted basketball court and a tanning bed.