Coastal Ridge Sells $84M Tampa Student Community
The property last changed ownership in 2016 for less than half the current price.
Campus Lodge. Image courtesy of TSB Realty
Axonic Properties has acquired Campus Lodge, a 1,067-bed student housing community in Tampa, Fla., for $83.5 million. KeyBank provided $57.5 million in acquisition financing, Yardi Matrix data shows.
A joint venture between Coastal Ridge Real Estate and Heitman LLC sold the property, previously acquired in 2016 for $35.8 million, according to the same data provider. TSB Realty represented the seller and procured the buyer in the transaction.
Completed in 2000, the community occupies 41.9 acres and comprises 21 buildings and 312 units with two-, three- and four-bedroom floorplans. The units include quartz countertops, modern appliances and a new furniture package, all upgraded after a series of renovations in 2019. Common-area amenities include a swimming pool, clubhouse, 24-hour fitness center, computer lounge and basketball court.
Located at 15115 Livingston Ave., the community is within 2 miles of the University of South Florida and 3 miles of USF Botanical Gardens. The University Mall and various dining options surrounding it are 2.5 miles away from the property.
Tampa’s student housing growth
The latest Yardi Matrix report shows that the University of South Florida is among the top three institutions with the highest rent growth, registering a 13 percent increase year-over-year as of December 2021. In the past five years, the university has seen a 20 percent uptick in out-of-state students and welcomed the largest freshman class last fall, according to TSB Realty.
Currently, there are two projects underway that will serve the students at the main campus, adding some 1,912 rooms to the existing inventory, according to Yardi Matrix. There are also two planned properties in the pipeline, which will add 990 units to the stock when completed.
One of the major projects under construction near the University of South Florida, The Metropolitan at Tampa, a 760-bed community developed by Landmark Properties, is set for completion in August 2024.
