Austin, Texas — The Parallel Co. has begun construction on an 18-story, 558-bed student housing community located near the University of Texas at Austin. The property will offer 153 fully furnished units. Shared amenities will include a coffee bar; a rooftop sky lounge; study lounges with conference rooms; a fitness center; a package room with lockers; and a rooftop pool area with outdoor televisions, grills, a hot tub and a large fire pit. A timeline for delivery was not announced. Parallel recently celebrated the opening of its 502-bed MUZE community, which is located nearby and also serves students attending the University of Texas at Austin.