TREO Scores $132M for Miami Student Housing Development
The community opened in time to house students for the 2025-26 academic year.
Affiliates of developer The TREO Group LLC have landed a $132 million refinancing loan for VOX I and VOX II , a two-building, 262-unit student housing development located in Miami. Ocean Bank, the largest independent, state-chartered commercial bank headquartered in Florida, provided the loan. The project was completed this summer, in time to house residents at the University of Miami for the start of the 2025-26 academic year.
Situated at 7025 and 7175 SW 59th Avenue, VOX I and VOX II collectively feature 726 beds spread over a mix of one-bedroom, one-bath to four-bedroom, four-bath apartments. Units include washer-dryers, air conditioning, dishwashers, hardwood floors, walk-in closets, island kitchens and microwaves. Asset Living manages the property.
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The twin-building community features two rooftop terraces, pools, an outdoor summer kitchen, five fitness areas and more than 20 study lounges. Additional amenities include clubhouse, dog park, package service, community-wide Wi-Fi, controlled access, furnished units, on-site retail and covered parking. The University of Miami’s main campus is located approximately half a mile to the northeast of the community.
Dealing quickly
According to Ocean Bank executive vice president Eddie Diaz, the transaction involved a lot of moving parts. “The effort required taking out two loans held by three other banks, which were replaced by the refinance, plus the client’s dealings with the county, which owns the underlying land, completion of construction and moving in the students before the closing,” Diaz told Multi-Housing News. We leveraged our relationships with attorneys, appraisers and environmental companies to put the deal together quickly.”
The Sunshine State’s student housing market
VOX I and VOX II represent the most recently completed of a number of student housing communities in Florida to come online or be announced in recent months. Last week, a joint venture between Core Spaces and Harrison Street unveiled plans for Hub Tampa Fowler, a 1,195-bed student housing development located near the University of South Florida in Tampa. The will be constructed immediately west of USF’s main campus and is anticipated to be complete in 2027.
Less than a month ago, a joint venture involving Toll Brothers Campus Living and The Davis Cos. opened Aperture, a student housing community in Orlando, Fla. First announced in November 2023, the development features 680 beds across 204 units. The property was developed with funds from a $50 million construction loan originated by TD Bank in 2023, according to Yardi Matrix information.
