DALLAS, May 31, 2013 /PRNewswire/ -- Fountain Residential Partners has broken ground on three new student developments comprising almost 1,400 beds of housing. The "campus-adjacent" projects will serve The University of Texas -- San Antonio, The University of Houston main campus, and The University of Minnesota -- Twin Cities, and will begin leasing in the coming months for a Fall 2014 occupancy.
Fountain has become one of the most active student housing developers in the country having commenced construction on or completed almost 2,400 beds of new housing in seven walk-to-campus locations. The company recently received the Student Housing Business award for Best New Development (under 200 beds) in the nation for its industry leading design and execution.
The latest project, Prado, is located directly across the street from the UT - San Antonio campus on UTSA Boulevard and directly adjacent to The Block, a new food truck court experience and patio bar. Prado was designed with Spanish-inspired architecture and will accommodate 498 students and a 6,000 square foot restaurant fronting UTSA Boulevard. The 4 and 5 story development will provide excellent views of campus and offer unit and community amenities not present in the marketplace today. Executive Vice President Jon Clayton says, "We have been following this site, at one of the main entrances to campus, for several years. There simply is not a better location in the marketplace and we feel fortunate to be able to transform the property into a mixed-use community that the neighborhood, students, and the university will be proud of. It will definitely raise the bar for student housing at UTSA and matches the master plan vision for the future of UTSA Boulevard."
Raising the bar involves designs that provide students with best-in-class amenities with condo-like finishes such as keyless entry, open floor plans, granite countertops, stainless steel appliances, wood look flooring, 50" flat screen TV's with DVR's, European influenced furnishing, high end lighting, and WiFi throughout. Prado's 10,000 square foot, two-level amenity center will provide for the fitness, study, and creature comforts of the student with the design elements of a high end hotel or spa. With the incorporation of a ground floor restaurant, Prado will provide the UTSA community with their first true mixed-use living environment.
At The University of Houston, The Vue on MacGregor will offer the 40,000 students of the recently named Tier One research institution 347 beds of new housing in a 5-story modernist design. The project is located directly across Brays Bayou from the Bayou Oaks on-campus housing community which serves the Greek housing needs of the university. The Vue on MacGregor is the first privately owned off campus community for The University of Houston and is just a short walk to the center of campus and two new light rail stations. The University of Houston has several significant construction projects underway on the campus spurred by the recent Tier One Research University status and driven by the school's significant growth. "Reaching Tier One truly takes UH to a new level. This is an exceptional site and project that will support UH's efforts on campus and we look forward to being a part of the community," says Trevor Tollett, Vice President of Development at Fountain.
Metro Park East, serving the University of Minnesota in Minneapolis, broke ground in April and will deliver 551 beds of housing in time for the Fall 2014 semester. Located both on the light rail and within a 5 minute walk to campus, Metro Park East is poised to be the leading student housing provider for the over 52,000 students enrolled at the nation's fourth largest university. Also uniquely benefiting the property is its proximity to the new Surly Brewing Company, a "destination brewery" that has received significant local and state support. "Our location between the brewpub, the new light rail stations, and the football stadium where the Golden Gophers and Minnesota Vikings play will notably increase our visibility to the student body and is unmatched in the market," says Jon Clayton. The central park in the center of the community, the four outdoor plazas, and apartments with balconies and patios provides unmatched outdoor amenities for such an urban location.
Fountain is a Dallas, Texas-based multifamily real estate development, acquisition, and asset management company formed by Brent Little, Jonathan Clayton, and Trevor Tollett, in partnership with Commodore Student Housing, LLC. Commodore is a subsidiary of the family investment office of Carl Westcott.
Dallas-based Grand Campus Living will provide leasing and management services to the three communities.
Minnesota-based Weis Builders will construct Metro Park East and Dallas-based Centerpoint Builders will be the general contractor for The Vue on MacGregor as well as Prado.
Prado architectural services were provided by Stuart Roosth Architects. Cube 3 Architects designed Metro Park East and The Vue on MacGregor was designed by 5G Studio.