Multifamily Monday: University Demands in Denton
There are about 800 student housing beds coming to Denton in fall 2017, but your odds of getting a bed at Texas Woman's University (or even in walking distance) this fall are pretty slim with no new units on the immediate horizon. The story is different less than two miles away at the University of North Texas, where 480 beds open this fall. Here’s a look at the student housing needs in the two-university city of Denton.
Marcus & Millichap Eastwood Multifamily Group student housing specialist Teddy Leatherman (right, with friend Chandler Baker) tells us at the beginning of this academic year, TWU reported a shortage of student housing that resulted in students being placed in hotels. The university, which has 1,680 beds on campus and master leases 196 beds through the TW-Select program, wants to expand its student body; however, there’s no funding available to build more student housing, which means the university is closely monitoring enrollment until more beds can be added, Teddy tells us.
Development in Denton has slowed since its 2009 peak, with the addition of 4,076 beds to the market over the past five years, Teddy tells us. The Forum at Denton Station added 1,044 beds in 2009, and Midtown and The Republic at Denton added 924 beds in 2011. The U Center at Fry Street and The Grove Denton added 1,194 beds in 2011, and 33 Degrees North and 14 Fifty-One (pictured) added 905 beds to the market in 2013. No properties opened in 2014 and the only property opening in 2015 is an on-campus dorm totaling 480 beds (adding to UNT’s 5,740 on-campus beds), she tells us.