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Parallel Company Starts Construction on 153-Unit/558-Bed Student Housing Community
By: Parallel Company
The new 558-bed community will be located at the southwest corner of 21st Street and Nueces Street and include 153 fully furnished units. It also will feature amenities such as a coffee bar, oversized package room and lockers, rooftop sky lounge, study lounges with conference rooms, fitness center and a rooftop pool area with outdoor televisions, outdoor grills, hot tub, and a large firepit. Parallel recently celebrated the opening of its 502-bed MUZE community, which is located nearby and also serves UT students.
About Parallel Company
Parallel Company ("Parallel") was founded in 2016 by a proven team of experienced student housing and urban infill development professionals. Parallel is a fully integrated development company providing site selection, acquisition and project due-diligence, financing, design and development management, consultant and contractor selection and contract negotiation, and management of the construction process and transition to operations. The principals of the company are David Pierce and Kristen Penrod, who prior to forming Parallel, developed over 11,000 beds of purpose-built student housing developments both off-campus and on-campus valued at over $900 million in development costs. Pierce and Penrod previously led the development team at University House Communities, a subsidiary of Inland American Real Estate Investment Trust, where they successfully delivered a development portfolio with projects ranging from garden style apartments to urban infill high rise across the country in major university markets. Parallel's members have a proven track record of delivering complex, top-tier midrise and hi-rise top developments in some of the nation's most competitive markets.
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