Florida Student Housing Asset Receives $97M in Financing
The property finished construction amid a period of high demand and enrollment growth at a nearby university.
Commercial Street Partners has obtained approximately $97.4 million in financing for Apella on Newport, a 576-bed student housing community in Tampa, Fla. The three-year, floating-rate loan was provided by MF1/Limekiln Real Estate Investment Management.
JLL Capital Markets’ Debt Advisory team represented the borrower in the deal. Senior Managing Directors Lee Weaver and Melissa Marcolini Quinn led the group, supported by Vice President Rob Rothaug and Analyst Jade Starkey.
Apella on Newport is located at 311 N. Newport Ave., less than half a mile from the University of Tampa campus. The property features a 150-unit mix of two-, three-, four- and six-bed fully-furnished apartments. 90 out of 150 are bedroom/three and three-quarter-bath, measuring 1,330 square feet. These units rent for just over $6,600 a month, according to Yardi Matrix data.
Completed in 2024, the community has amenities including a rooftop pool, fitness center, study lounges and secured garage parking. There is a game room with pool table, dog wash station, bike storage and EV charging stations. The property is fully leased.
Commercial Street Partners is a partnership between Christa Construction, a New York-based builder, and Shortino Enterprises, a Palm Harbor, Fla.-based company that has been involved in the completion or construction of more than 3,000 residential units.
Student housing fundamentals edge downward
Enrollment at the University of Tampa has grown in recent years, spurring demand for student housing in the area. In 2024, enrollment reached a record 11,429 students, a 57 percent increase since 2013.
Preleasing for 200 major institutions of higher education tracked by Yardi Matrix averaged 67.1 percent in March 2025, just behind the level reported a year ago. Preleasing is slowing most noticeably in large student housing markets with new supply under construction.
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Rent growth continues to shrink, averaging 3.9 percent this leasing season compared to the previous one. By contrast, the year-over-year rate of rental growth was 5.8 percent in 2023 through 2024 and 7 percent in 2022 through 2023.
Based on data from 183 of the Yardi 200 schools, fall 2024 enrollment data nationwide shows accelerating growth of 1.7 percent year-over-year, compared to 1.2 percent growth in fall 2023 and a decrease of 0.5 percent in fall 2022. Enrollment growth is mainly being seen at primary state schools, while tertiary state and private universities suffer the most declines.
