The $17-million project, rising at 4600 Cullen Blvd., consistsof a four-story, U-shaped building totaling 150,000 sf, says JasonWills, senior vice president of the Austin-based student housingREIT. The building will have 174 two-bedroom units and sixone-bedroom apartments, totaling 354 beds. "Unlike multifamily, ourbuildings lease by the bed and student housing rents on nine-monthacademic year," Wills says. Beds will lease from $520 to $600,payable in 10 monthly installments.

The second phase is going up on a 12.1-acre tract adjacent tothe REIT's existing building, a three-story structure with 234,000sf and 535 beds. Wills tells GlobeSt.com that the REIT has along-term ground lease with the University of Houston.

According to Wills, the second phase of Cullen Oak's is AmericanCampus Communities' third student housing project with Universityof Houston. The other project is the one-year-old Bayou Oaks GreekHousing.