LUBBOCK AND DENTON, TX. The Scion Group, in partnership with an international investment fund advised by Arch Street Capital Advisors, has acquired two newly developed, cottage-style student housing communities providing a combined 1,343 beds and serving Texas Tech University and the University of North Texas, respectively.
The Republic at Lubbock, known as The Retreat at Lubbock prior to the acquisition, is an all-cottage community set among over three football fields of greenspaces. The property features 218 Craftsman-style cottages in two- through five-bedroom configurations, totaling 853 beds, all with private bathrooms. Luxury finishes and amenities include hardwood-style floors, granite counters, a 11,000 square-foot clubhouse with fitness center, theater, media lounges and a golf simulator, and a resort-style saltwater pool. Porches, sidewalks and outdoor fireplaces support a true sense of community. The project, which is approximately one mile from Texas Tech University and is served by its own stop on the University-sponsored Citibus shuttle system, opened Fall 2011 with 98% occupancy. Additional information is available at Republic-Lubbock.com.
The Republic at Denton, previously known as The Retreat at Denton, is located just over one mile from the University of North Texas and is on the University’s shuttle bus route; the property also serves Texas Woman’s University, located approximately two miles away. The Republic at Denton features a mix of cottages and multi-story townhomes in three, four and five-bedroom configurations. The community includes 492 beds in 125 units, all with private bedroom-bathroom suites. The amenity-rich property includes 9-foot ceilings, hardwood-style floors and stainless appliances, a 6,000 square-foot clubhouse with media lounges, fitness center and music studio, and a resort-style pool. Sidewalks, porches and green spaces provide a neighborhood environment. The property opened in Fall 2011 with 97% occupancy. Additional information is available at Republic-Denton.com.
Scion will manage both properties. “We are excited to add these first-class properties to our portfolio,” said Robert Bronstein, President of Scion. “These acquisitions represent a great opportunity to fulfill several of our business goals at once: to continue owning and operating Class A student communities, to expand of our footprint in Texas, particularly in two growing campus markets, and to extend our partnership with Arch Street Capital and our investors in owning high quality assets.”
Texas Tech University, founded in 1923, is located on over 1,800 acres in Lubbock, making it the second-largest contiguous campus in the United States. The University is the only school in Texas to house an undergraduate institution, law school and medical school at the same location. Following a decade in which its enrollment grew by approximately 25%, Texas Tech reached over 31,000 students by 2011.
Founded in 1890, the University of North Texas is the fourth-largest university in Texas, enrolling more than 36,000 students during the 2010-11 academic year following a decade in which its enrollment grew by nearly 33%. Often recognized for its world-renowned music program, the University occupies 875 acres in Denton, approximately 40 miles north of Dallas-Forth Worth, and has been named one of America’s 100 Best College Buys® for 14 consecutive years.
Texas Woman’s University is the nation’s largest university primarily for women, with campuses in Denton, Dallas and Houston. Ten consecutive years of growth have produced a record enrollment of nearly 15,000, primarily enrolled at its main Denton campus.
Arch Street Capital Advisors specializes in assisting international investors with their U.S. real estate strategies, including industrial, office and multifamily sectors. Since 2003, the firm has advised clients on more than $2 billion of acquisitions, dispositions and financings.