New Jersey-based Michaels is scheduled to start construction in May of a student apartment community in Denton.
According to a Texas Department of Licensing and Regulation filing, the $64 million project will be built at 1900 S. Mayhill Rd., between Interstate 35 and Loop 288. The nearly 451,000-square-foot development will include 10 multi-family apartment buildings and an amenity center, which will include a fitness center, on more than 33 acres. Real estate data shows the site was sold in September 2021 for $4.2 million.
Michaels builds and manages multifamily and other properties, including those designed for college students. Denton is home to the University of North Texas, Texas Woman’s University, and North Central Texas College. The number of student apartments in the Denton County city is about 1,400 at more than a dozen residential properties.
A Statista report shows that while life in and around college campuses has mostly returned to normal following the end of the pandemic shutdowns, the occupancy rate of student housing has fallen below pre-COVID levels. Meanwhile, the average monthly rate was $784 for student housing within half a mile of campus. The average monthly rent at properties at least a mile away was $607.
Also, American Campus Communities and Asset Living were among the largest property management companies with more than 130,000 beds. In 2021, American Campus Communities generated more than $942 million from properties it owned, according to Statista.
Michaels owns or operates 596 communities in 39 states, Washington, D.C., and the Virgin Islands. Founded 50 years ago, it is one of the most active developers of student housing in the country, according to its website.
