Core Spaces Pays $39M for Tampa Student Community

FPA Multifamily sold the 401-bed property.

ULake. Image courtesy of Rittenhouse Realty Advisors

Core Spaces has acquired ULake, a 401-bed student community in Tampa, Fla., serving the students at the University of South Florida. FPA Multifamily sold the asset for $38.8 million. Rittenhouse Realty Advisors arranged the transaction, marking RRA/GREA’s launch in the Florida market.

Completed in 1980, the community comprises 17 buildings and 300 recently renovated units with one- and two-bedroom apartments, varying from 550 to 800 square feet. Community amenities include three swimming pools, an on-site dog park, a fitness center, volleyball courts and on-site parking.

Located at 14200 Bruce B. Downs Blvd., ULake is less than a mile from the University of South Florida campus and within 2 miles of USF Basketball Court and the Corbett Soccer Stadium. University Mall, including various dining and entertainment options, is within 2 miles of the property.

The University of South Florida maintained strong fundamentals, with increasing annual rent growth and high preleasing velocity. Major Tier-1 universities are becoming more competitive and represent an opportunity for investments, according to prepared remarks from Douglas Sitt, student housing specialist at RRA/GREA.

Tampa’s student housing market has seen an uptick in activity in recent months. Earlier in April, another 1,067-bed community traded for $83.5 million. Axonic Properties bought Campus Lodge from Coastal Ridge Real Estate and Heitman LLC.

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