UCF Off-Campus Housing Complex Trades for $84M; Grand Floridian Gets Timeshare Addition

By Georgiana Mihaila, Associate Editor The Orlando Business Journal reports that the 1,527-bed student housing complex across the street from the University of Central Florida’s main campus has traded hands for more than $84 million. The buyer is HSRE-UCF I LLC, [...]

The Orlando Business Journal reports that the 1,527-bed student housing complex across the street from the University of Central Florida’s main campus has traded hands for more than $84 million. The buyer is HSRE-UCF I LLC, an entity related to Harrison Street Real Estate Capital LLC—a Chicago real estate investment management firm. University Central, considered the newest, greenest UCF off-campus housing community, was developed by Sterling UCF LP—a joint venture between Lee Chira Holdings Ltd. and Houston-based developer Dinerstein Cos. Completed in fall 2011, the project consisted of two phases, with the $60-$70 million first phase being awarded LEED Silver certification. The second phase, which was started in 2010, is still awaiting LEED certification.

The UCF off-campus community offers contemporary one-, two-, three-, and four-bedroom units, both furnished and unfurnished; the student apartments feature 32’’ HD flat screen TVs, free high-speed Internet and cable TV in every bedroom, and 42’’ flat screen TVs in select living rooms.  Community amenities include four resort-style pool plazas, a free tanning salon, a 3D theater room, a two-story fitness center and a state-of-the-art high-tech computer center.

In other real estate news, Disney Vacation Club has announced it will build a timeshare addition next to the Grand Floridian Resort & Spa; a separate building will stand next to the Floridian—Walt Disney World’s highest-priced, company-owned hotel—consisting of 147 timeshare units. Due late 2013, the project will be the second timeshare property built by Disney along the Magic Kingdom monorail, following Bay Lake Tower, an addition to Disney’s Contemporary Resort which opened two years ago.

Photo Credits: www.sterlinghousing.com