Orlando Student Housing Changes Hands for $18M
- Oct 06, 2016
Orlando, Fla.—Berkadia has announced the sale of a 384-bed student housing community in Orlando, Fla. Boston-based Taurus Investment Holdings sold The Quad for $17.5 million to Atlanta-based Chance Partners.
Located at 10200 University Blvd., The Quad features four-bedroom floorplans and residential amenities such as a 24-hour fitness center, resort-style pool with cabanas, sand volleyball court and a clubhouse with a coffee bar. According to Yardi Matrix, rents average at $2,472 per unit or $618 per bedroom.
Marc Sumner, senior managing director of Berkadia’s Mortgage Banking Group the Orlando office, Cole Whitaker, managing director the Orlando office, Jason Stanton, senior director in the Tampa office, Greg Rainey, associate director in the Jacksonville office, and Kevin Larimer, managing director of Berkadia’s Student Housing Group in the Detroit office, completed the sale.
“The Orlando market saw declines in vacancy rates during the second quarter of this year, reinforcing the fundamental strength of this submarket,” said Whitaker in prepared remarks. “The student housing sector has garnered a lot of interest this year, and The Quad was an attractive investment opportunity in the UCF submarket.”
Image courtesy of Yardi Matrix