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The principals of Parallel have over 30 years of experience developing over $900 million of properties.

Parallel CO was founded in 2016 by a proven team of experienced student housing professionals. The team is led by David M. Pierce and Kristen Penrod who prior to forming Parallel, developed over 11,000 bed 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. Their developments were key assets in a record-breaking $1.4 billion portfolio transaction in 2016.  They have a proven track record of delivering complex mid-rise and hi-rise urban infill and student housing developments on time and on budget in some of the nation’s most competitive markets. 

 
  David M. Pierce  Principal Office: 214.760.0600 dpierce@parallel-co.com    
  
  
  
  
  Mr. Pierce is responsible for all investment activities and the direction of the company. He also oversees all development and investment  activities.  Mr. Pierce has over 27 years of design, development, construction and real estate experience, of which, the first 14 years he successfully served as a practicing architect. Mr. Pierce formed Parallel CO after the sale of the University House Communities portfolio in 2016. At University House Communities, Mr. Pierce served as Executive Vice President of Development and over a 12-year period led the development team and delivered approximately 11,000 beds of Class A student housing, which were key assets in a $1.4 B platform transaction between University House Communities and The Scion Group in 2016. Mr. Pierce has led the sourcing, design, development and delivery of multiple mixed-use high-rise student housing developments in major markets in recent years including University House Austin and The Muze in Austin currently under construction and slated for delivery in 2019.  Mr. Pierce earned a bachelor’s degree in architecture from Texas Tech University and a Master’s Degree in Architecture with a focus on urban design from Syracuse University. Mr. Pierce and his teams have received numerous local, regional and national awards for his architectural design work and for the developments he has led. He is an active member of the AIA, NMHC and is a LEED professional. 

David M. Pierce
Principal
Office: 214.760.0600
dpierce@parallel-co.com

Mr. Pierce is responsible for all investment activities and the direction of the company. He also oversees all development and investment  activities.

Mr. Pierce has over 27 years of design, development, construction and real estate experience, of which, the first 14 years he successfully served as a practicing architect. Mr. Pierce formed Parallel CO after the sale of the University House Communities portfolio in 2016. At University House Communities, Mr. Pierce served as Executive Vice President of Development and over a 12-year period led the development team and delivered approximately 11,000 beds of Class A student housing, which were key assets in a $1.4 B platform transaction between University House Communities and The Scion Group in 2016. Mr. Pierce has led the sourcing, design, development and delivery of multiple mixed-use high-rise student housing developments in major markets in recent years including University House Austin and The Muze in Austin currently under construction and slated for delivery in 2019.

Mr. Pierce earned a bachelor’s degree in architecture from Texas Tech University and a Master’s Degree in Architecture with a focus on urban design from Syracuse University. Mr. Pierce and his teams have received numerous local, regional and national awards for his architectural design work and for the developments he has led. He is an active member of the AIA, NMHC and is a LEED professional. 

 
  Kristen Penrod  Principal Office: 214.708.0027 kpenrod@parallel-co.com  Mrs. Penrod manages development activities from site election through construction completion. She also is focused on the financial performance and reporting of the company and it's investments.  Mrs. Penrod brings over 12 years of development experience to Parallel’s team.  Mrs. Penrod joined Parallel CO after the sale of the University House Communities portfolio in 2016. Mrs. Penrod began her career with FirstWorthing in 2006 as an Analyst. When FirstWorthing was acquired by University House Communities (a wholly-owned subsidiary of Inland American Real Estate Investment Trust) in 2008 she continued her real estate development career and became Vice President of Development. While at University House Communities, Mrs. Penrod led the completion of 7,500 beds with total development costs in excess of $700 million in 10 states across the United States. She was also a key management team member in the toal portfolio development of over 11,000 beds. The projects ranged in size from $16 million to $125 million, and every project was delivered on-time and within budget. Most notably, Mrs. Penrod led the delivery of University House Austin which has received numerous design and construction awards including the Best New Student Housing Development in 2016 by Student Housing Business Journal.  Mrs. Penrod earned a bachelor’s degree in business administration from the University of Texas at Austin and is a member of the U.S. Green Building Council.

Kristen Penrod
Principal
Office: 214.708.0027
kpenrod@parallel-co.com

Mrs. Penrod manages development activities from site election through construction completion. She also is focused on the financial performance and reporting of the company and it's investments.

Mrs. Penrod brings over 12 years of development experience to Parallel’s team.  Mrs. Penrod joined Parallel CO after the sale of the University House Communities portfolio in 2016. Mrs. Penrod began her career with FirstWorthing in 2006 as an Analyst. When FirstWorthing was acquired by University House Communities (a wholly-owned subsidiary of Inland American Real Estate Investment Trust) in 2008 she continued her real estate development career and became Vice President of Development. While at University House Communities, Mrs. Penrod led the completion of 7,500 beds with total development costs in excess of $700 million in 10 states across the United States. She was also a key management team member in the toal portfolio development of over 11,000 beds. The projects ranged in size from $16 million to $125 million, and every project was delivered on-time and within budget. Most notably, Mrs. Penrod led the delivery of University House Austin which has received numerous design and construction awards including the Best New Student Housing Development in 2016 by Student Housing Business Journal.

Mrs. Penrod earned a bachelor’s degree in business administration from the University of Texas at Austin and is a member of the U.S. Green Building Council.