Orlando, Fla.—Student housing company Campus Advantage has acquired Northgate Lakes, which serves the University of Central Florida (UCF). This is the first acquisition made under one of the Austin, Texas-based company’s joint ventures with major United States’ public pension plans.
Situated directly across the street from the UCF campus north entrance, Northgate Lakes offers 194 units and 710 beds, and is 95 percent occupied. Students can choose from several three- and four-bedroom floor plans, while also enjoying such building amenities as swimming pools, study and social lounge, computer center, game and theater rooms and a sand volleyball court.
Northgate Lakes is the first property purchased by Campus Advantage under a $150 million joint venture with a major public pension plan. That plan provides investment services for the benefit of public employees and state and local governments. Under the joint venture‘s provisions, the student housing firm and its partners seek properties in high growth areas with high occupancy rates.
“The University of Central Florida is one of the fastest-growing universities and the second-largest university in the nation in terms of enrollment,” says Michael Orsak, Campus Advantage senior vice president of investments. “Because of this, the UCF area is seeing tremendous demand for student housing. So Northgate Lakes is well positioned to deliver great returns on the investment we have made on behalf of our public pension plan partners.”
Campus Advantage, a real estate firm offering student housing management, development, acquisition and consulting services, strives to forge successful partnerships between colleges, universities, investors, developers and owners.
It has been exceptionally successful in helping public pension plans provide investors with returns.
The company also has a partnership with the California State Teachers’ Retirement System (CalSTRS), one of the largest state pension funds in the country. Campus Advantage and its pension fund partners have committed a total of $325 million to student housing acquisition since 2007.
Campus Advantage operates 50 student housing communities across 19 states with a total bed count of more than 27,000.