COLUMBIA, MO – December 2, 2025 – Subtext, a national real estate company focused on elevating the resident experience, has acquired District Flats, a six-story student housing property located at 127 South 8th Street, Columbia, Missouri.
District Flats is the first deal under Subtext’s acquisitions arm, marking a milestone that expands the company’s $2.8B development track record with a complementary strategy led by Partner & Executive Vice President, Mike Hung.
“This acquisition is a clear example of the strategy we set out to achieve,” said Hung. “Subtext’s student housing platform serves major university markets by meeting the growing demand for high-quality communities. We’re applying the same focus on resident experience and performance that has defined our ground-up developments, while expanding into opportunities where we can unlock value and strengthen our presence in top-tier university markets. District Flats is the prototype for our acquisition’s platform.”
The 259-bed, 119-unit building offers University of Missouri at Columbia students floor plans of one-, two- and four-bedrooms. The property is undergoing a brand repositioning and capital improvement program, including redesigned amenity spaces, an upgraded fitness center, and new study areas—enhancements that align with Subtext’s goal of delivering intentionally programmed environments where students can thrive.
“Returning to the Columbia market, where we delivered our first development, TODD, in 2015, is a full-circle moment for Subtext,” said Brandt Stiles, Founding Partner and Co-CEO of Subtext. “It speaks to how far we’ve come and where we’re headed in creating distinctive student communities nationwide.”
Positioned just two blocks from the University of Missouri and half of a mile from Columbia College, District Flats offers a walkable and bikeable lifestyle to campus, downtown, and the vibrant North Village Arts District. With Flat Branch Park, the MKT Trail, and Columbia’s dining and entertainment scene nearby, it offers the ideal balance of academic, active, and social living.
JLL’s capital markets team, led by Stephen VanLeer and Mike Brady, advised on the debt with Webster Bank serving as the acquisition lender.
For more information on Subtext’s properties and investment, please visit https://subtextliving.com/.
About Subtext
Subtext is a vertically integrated, national real estate company focused on elevating the resident experience. From student living to public private partnerships to conventional multifamily housing, Subtext creates thoughtfully designed communities that foster connection, productivity and well-being. Its resident-first approach combines top-tier expertise, in-depth market research and resident feedback to deliver lasting value. Subtext cultivates spaces where renters can live their best lives. For more information about Subtext, or to inquire about opportunities, visit subtextliving.com.
