CBRE Secures $35M Financing for Tampa Student Housing
Horizon Realty Advisors purchased a 206-unit student housing property for $46.6 million. Benjamin Roelke of CBRE secured the long-term financing for the acquisition of Venue at North Campus.
By Adina Marcut
Benjamin Roelke of CBRE’s Dallas office has secured $35 million in financing for the acquisition of Venue at North Campus, a 206-unit student housing community located in Tampa, Fla. CBRE Capital Markets’ Debt & Structured Finance team has arranged the long-term, permanent financing on behalf of Horizon Realty Advisors, which purchased the asset for $46.6 million, according to Yardi Matrix.
Located at 13702 N. 42nd St., adjacent to the University of South Florida, Venue at North Campus offers convenient access to the free USF Bull Runner Route. The community is situated in close proximity to a variety of shopping, entertainment and dining options such as University Mall, Museum of Science & Industry, Adventure Island, Busch Gardens Tampa Bay and Lettuce Lake Park.
The two, four-story buildings offer studios, two-, four- and five-bedroom units ranging in size from 455 to 2,049 square feet. The LEED-certified development last traded in 2012, when Dinnerstein Cos., bought the property for $49 million, from Deutsche Asset & Wealth Management, according to data provider Yardi Matrix. Common area amenities include:
- Two expansive pool plazas
- Lounge area featuring billiard table, foosball and life-size games
- Sand volleyball
- Tanning dome
- Private study rooms
- Fire pit
And some environmentally friendly amenities such as:
- LEED for Homes Gold certification
- ENERGY STAR windows and kitchen appliances
- Energy-efficient lighting
- On-site recycling
- Bum-a-bike program
- Green Label Plus carpet and padding
- Recycled construction materials/finishes
“We continue to see very attractive financing available for quality student housing properties nationwide,” Roelke said in a statement. “In this case, those financing terms were further exceeded with a best-in-class, experienced sponsor acquiring a top-of-the-market property.”
Images courtesy of property’s website and Yardi Matrix
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