Fountain Residential Partners entered a joint venture with Virtus Real Estate Capital for the development of its third student housing community in Houston, Texas. The project will house students from the University of Houston and the nearby Texas Southern University.
"This new housing project will have a significant and positive impact on student life and the surrounding neighborhoods," said Houston City Council Member Robert Gallegos. The councilman, together with community stakeholders including the Greater East End District and the local homeowners association, worked closely with Fountain Residential for the pre-development of the project. "It is my hope that this will spark more new development and redevelopment of this area along I-45 creating opportunity for new residents, new businesses, and new economic opportunities," stated Gallegos.
According to their press release in PR NewsWire, The Gateway on Cullen, named after its location in Cullen Boulevard at the main entrance to the University of Houston campus, is a 7.7-acre property that will consist of 531 beds including one-, two-, four-, and five-bedroom apartments and townhouses. It will also come along with a resort-style pool, a volleyball court, an 8,000-square-foot clubhouse, a full-fitness and cardio center, as well as private study rooms. Each unit will be furnished with vinyl wood plank flooring, granite countertops, queen-sized beds, 50-inch flat screen TVs, stainless steel appliances, and full-sized washers and dryers.
"We designed The Gateway on Cullen with product differentiation in mind. Unlike our previous two developments, we had over seven acres of land to work with that allowed us to design a less dense, surface-parked property, and also afforded us the chance to build spacious townhome units which will be unique to this market and [will] offer larger [and] better amenitized public spaces," said Brent Little of Fountain Residential Partners.
The Gateway on Cullen is a walk away from University of Houston and is aimed at the steadily increasing enrollment rate of the University. Residents of this student housing community can enjoy redevelopments in the area near the property, which includes a grocery anchored retail center planned for across the street at the previous Finger Warehouse property by Houston-based Lovett Commercial, as well as the redevelopment of the I-45 underpass that will include a new on-ramp to I-59 that will replace the old Bestway Motor Inn.
"We are excited about our first venture with Fountain Residential. We have been seeking an investment opportunity near the University of Houston, and The Gateway on Cullen is the perfect opportunity to provide a superior housing option for University of Houston students, while making an investment in the community that we believe will have a positive impact on the University and the local community," said Kevin White, Acquisitions Director at Virtus Real Estate Capital.
