Joint Venture Buys USF Student Housing Project

A fund associated with CBRE Strategic Partners and GMH Communities has acquired the Venue at North Campus, a student housing complex near the University of South Florida (USF) for $70 million. Horizon Realty Advisors was the seller. The Tampa Bay Business Journal reported Horizon originally bought the property in 2017 for $46.6 million.

The Venue at North Campus was built in 2012 and has 734 beds. Unlike market-rate multifamily properties, which are rented by apartments, student housing is typically rented by bedroom. Among the features are charcoal grills, Starbucks coffee machine, electric bike rentals and a Bull Market Convenience Store.

CBRE’s Andrew Glanzman likes the student housing category, “Student housing is an asset class that tends to have a countercyclical nature, with university enrollment benefiting from down cycles. We believe that this asset will provide long-term value to both the students who reside there and to our investors.”