L3 Campus Buys 764-Bed Student Community in Orlando
QuadReal Property Group provided an $83 million acquisition loan.
L3 Campus has purchased Nine at Central, a 201-unit, 764-bed luxury student housing community near the University of Central Florida in Orlando, Fla.
Working on behalf of the buyer, TSB Capital Advisors arranged an $83 million acquisition loan originated by QuadReal Property Group. The note carries a 5-year, fixed rate term.
Scannell Properties and 908 Group were the previous owners, according to Yardi Matrix information. The duo completed the property in 2023 with help from a $62.1 million construction loan from Old National Bank.
Partners on the development included structural engineer McNamara Salvia, construction company ARCO Murray and design firm Forum Architecture & Interior Design.
READ ALSO: National Student Housing Report
The Class A community encompasses two five-story buildings with one-, two-, four-, five- and six-bedroom floorplans, ranging from 570 to 1,925 square feet. The fully furnished apartments feature washers, dryers and private balconies or patios.
Common-area amenities at the 3-acre property include a swimming pool with cabanas, hammock garden, outdoor barbecues and wet bar, a jumbotron and a fitness center with yoga studio. Additionally, the community has study pods, an arcade room, a dog park, private study suites and a coffee bar.
Nine at Central is at 12155 Science Drive, within 2 miles from the University of Central Florida at Orlando campus and less than 3 miles from the FBC Mortgage Stadium. Downtown Orlando is 15 miles southwest.
UCF’s thriving student housing sector
University of Central Florida has one of the largest on-campus student body of any public university in the country, with 69,320 students enrolled in the fall 2023 academic year. Additionally, the university previously ranked in the top 5 universities with most beds underway as of September, based on Yardi Matrix information.
In one of the largest student housing deals so far this year, a joint venture between The Scion Group and an institutional investment partner purchased The Aves at Twelve100, a 1,527-bed student community serving UCF. That property is 1 mile from Nine at Central.
