Fountain Residential, a Dallas-based national developer, has secured joint venture equity for Four Corners, a 404-bed student housing development in Cincinnati. JLL Capital Markets represented the company in procuring the equity from L&B Realty Advisors.
Scheduled for completion in 2024, the four-story development is set to comprise three buildings and a total of 136 units, equipped with queen-sized mattresses, high-speed internet, walk-in closets and 60-inch TVs. The development also includes more than 250 parking spaces and a clubhouse.
Located on Central Parkway, next to Hallmar and Marshall avenues, the project is within 1 mile of the University of Cincinnati campus, Nippert Stadium and UC Baseball Stadium. The property is also next to Interstate 75 and within 1.5 miles of numerous dining and retail options on Short Vine Street.
Managing Directors Jeremy Sain and Teddy Leatherman, alongside Analysts Ryan Pollack and Danielle Rice of JLL worked on the transaction.
University of Cincinnati’s strong fundamentals
The University of Cincinnati is among the top 20 institutions with the highest annual prelease growth, registering a 9.4 percent increase as of September, according to the latest Yardi Matrix student housing report. Currently, there are eight dedicated properties serving students at the institution, totaling some 3,845 bedrooms, and two other planned properties are expected to add 2,117 bedrooms, Yardi Matrix data shows.
The $250 million second phase of The District at Clifton Heights is underway, including Branded Hub Cincinnati, a 1,112-bed student housing community scheduled for completion in 2024. Trinitas Ventures and Crawford Hoying are the developers of the mixed-use project.
