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Austin, Texas, August 30, 2021 / PRNewswire / – Parallel, and Austin -based real estate development company proudly announces a 298-unit, 802-bed, purpose-built, mixed-use student residence located in the coveted Northgate campus neighborhood, adjacent to the Texas A&M Campus in College Station, Texas. Delivery of the 18-story high-rise is planned for summer 2023.
This iconic project at one of America’s most prestigious research universities is another major achievement for Parallel. Founded in 2016 by two experienced apartment building professionals, David Pierce and Kristen Penrod, the company specializes in the on-time and on-budget identification, envisioning, and delivery of medium and tall residential and multi-family homes in some of the most competitive and complex markets in the country. Before founding Parallel, Pierce and Penrod directed the delivery of more than 11,000 beds of purpose-built student dormitories, both off-campus and on-campus, valued at over $ 1 billion. Since its inception, Parallel has successfully over $ 200 million in new development and has $ 500 million of multi-family and student housing options in its current development pipeline.
For the College station Project, in parallel in partnership with a nationally recognized institutional student housing investor and the project is funded by BMO Harris Bank NA as the administrative agency and Webster Bank NA. as a documentation agent.
As part of a long-term lease agreement, the project is being carried out on a property belonging to the Lutheran University Chapel (ULC) by. built College station. This agreement marks the continuation of a long-term successful relationship between the clients of Parallel and the Texas District of the Synod of the Lutheran Church of Missouri (LCMS), t. The ULC will be part of the development as a ground floor use and will continue its almost 100-year history in the service of the university’s students Texas A&M University and Blinn Junior College.
Penrod said: “We really appreciate our longstanding relationship with LCMS and are proud to have them as partners and tenants. At the same time, we offer the turnkey planning and construction of the ULC premises and we look forward to moving your employees and your student work “back to a modern, ultra-modern facility and a worship center.”
Pierce continued, “We’ve been targeting the market and the potential websites Texas A&M Waited a long time for the right opportunity to present itself. We are very happy that our patience and hard work have paid off. This new development in College station will be unique on the market overlooking the campus in the heart of coveted Northgate. “
The community facilities are designed to meet the needs and lifestyle of the residents. Outdoor facilities include multiple rooftop areas including a pool, two hot tubs, outdoor theater, poolside gym, sand volleyball court, cabanas, outdoor kitchen areas, multiple fire pits, and other formal and informal outdoor gathering areas.
Inside are technology-assisted learning and conference areas, a two-story fitness center, and an intimate performance stage. There will be an on-site garage with dedicated charging stations for cars, motorcycles, and bicycles with a bicycle repair shop. Residential units will integrate several intelligent residential components and be fully equipped with a furniture package specially put together for this property. Other specs include quartz countertops, stainless steel appliances, designer tile back panels, bathrooms with glass walk-in showers or oversized bathtubs, large closets, stackable full-size, bluetooth-enabled washers / dryers, and smart features throughout.
In order to offer the residents design and interiors of the highest quality, Parallel is working with the award-winning Rhode Partners together with Levy on the architecture and interior design for the project. Rogers-O’Brien is the general contractor and celebrates eight years of partnership with Pierce and Penrod in high-rise student-centered developments Texas.
Further information on this project and other developments by Parallel can be found at www.parallel-co.com.
Photos:
https://www.prlog.org/12883203
Press release distributed by PRLog
SOURCE Parallel
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http://www.parallel-co.com
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