FortGroup Puts New Flag at Texas A&M, 852 Beds

BRYAN, TX-FortGroup Development has broken ground on the 852-bed Wave’s Z Islander, one of two in the US now under construction. The St. Augustine, FL-based veteran developer is launching a new student-housing brand after selling a portfolio last year.

FortGroup has started work on a 23.35-acre development site at Wellborn and Old College roads, close to Texas A&M University. The Wave’s Z Islander, slated for a summer 2009 completion, will have two-, three- and four-bedroom units. FortGroup Development plans to manage the complex and hold it long term as it builds a Wave’s Z portfolio, according to Lee Weaver, vice president in Tampa for Minneapolis-based NorthMarq Capital Inc.

“They’d developed quite an extensive portfolio before and sold it all to Jones Lang LaSalle last year,” says Weaver, who arranged $55.2 million in debt and equity financing for the project. He says the developer really wanted to work on a different brand.