Campus Advantage Acquires Student Housing Community Near UCF
- Mar 16, 2016
Orlando, Fla.—Campus Advantage, an Austin-based provider of student housing management services recently announced the acquisition of The Edge student housing community in Orlando, Fla. The deal is in line with the company’s investment strategy of acquiring highly occupied properties near major universities such as the University of Central Florida.
According to the Orlando Sentinel, the company acquired the property for $40.9 million, with county records showing that the previous sale was in 2005 for the amount of $48.5 million.
The acquisition of The Edge is the first procurement under a second round of funding received by Campus Advantage from a major state pension fund. This purchase makes Campus Advantage one of the largest acquirers of student housing assets, with more than $675 million in acquisitions. The company also plans to invest a significant amount of capital in The Edge, including the complete renovation of all units. The Orlando real estate market is just one of the markets nationwide in which the company is expanding its presence in response to local market demands.
“We have a lot of acquisitions in the pipeline. We expect 2016 to be the most active year our company has seen so far. We are excited for these new opportunities and look forward to growing our portfolio of student housing properties and in serving students during this important time of their lives,” said Michael Orsak, senior vice president of investments for Campus Advantage.
Located west of the University of Central Florida campus, the 930-bed community includes 312 units featuring one-, two-, three- and four-bedroom floor plans. Amenities include a 24-hour fitness center, business center and recreation center, swimming pool with hot tub and sundeck, barbecue grills, movie theatre room, tennis court, sand volleyball court, basketball courts and study rooms. Units feature private bedrooms, leather-style furniture, washer/dryer and fully-equipped kitchens. According to data from Yardi Matrix, the median rent for all unit types at The Edge is roughly $1,800.
Situated just west of the intersection at North Alafaya Trail and Research Parkway, The Edge benefits from its close proximity to the university’s shuttle bus route, the Bright House Networks Stadium and the UCF student union. The student housing community also provides easy access to Valencia College, Seminole State College of Florida and Full Sail University.
Campus Advantage’s first acquisition in Orlando was the 194-unit Northgate Lakes student housing community, situated across the street from the UCF campus’ north entrance.
Image courtesy of The Edge