CPA:17 – Global Acquires Jacksonville University Student Residence Hall for $18M

Student residence hall at Jacksonville University was acquired by W. P. Carey’s CPA:17 – Global for $18 million.

Jacksonville, Fla.CPA:17 – Global, one of W. P. Carey’s managed non-traded REITs, recently acquired a newly constructed student housing facility at Jacksonville University for $18 million.

Jacksonville University Student Housing Facility

Jacksonville University Student Housing Facility

The 70,000-square-foot student residence hall is triple-net leased on a long-term basis to Jacksonville University. CPA:17 – Global purchased the state-of-the-art residence building from Lake City-based Rimrock Devlin Development.

Completed in 2015, the four-story, three-wing residence hall offers 274 beds and was 100 percent occupied at the time of the sale. Beside collaborative living space and modern features, the property offers high-tech amenities for students such as fiber optic communications, enhanced performance wiring and cell phone range extenders.

“Within the student housing sector, we’re attracted to assets that address a clear supply-demand imbalance and offer the opportunity to secure long-term, income generating investments. This new state-of-the-art student housing facility leased to a highly regarded university with an unmet demand for campus housing fulfills our investment criteria and adds an attractive yielding, long-term net-leased asset to the CPA:17 – Global portfolio,” said W. P. Carey Vice President Zachary Pasanen.

Image courtesy of W. P. Carey