American Campus Plans 500 Student Units for University of Florida

By Georgiana Mihaila, Associate Editor American Campus Communities bought the University Shoppes across from the University of Florida and plans a major redevelopment for the 14-acre property. The shopping center, located on the northwest corner of University Boulevard and Alafaya Trail, [...]

American Campus Communities bought the University Shoppes across from the University of Florida and plans a major redevelopment for the 14-acre property. The shopping center, located on the northwest corner of University Boulevard and Alafaya Trail, will be razed and rebuilt as a mix of shops and student housing. Plans call for first-floor retail and four floors of residential units, built in two phases that will eventually consist of 500 residential units with about 1,527 beds.

Buyer American Campus, represented in the sale by Paul Guyet—the student housing specialist at Smith Equities Real Estate Investment Advisors—paid $27 million for the 14-acre shopping center. Seller M&H University Shoppes LLLP was represented by Craif Bayhi of CMB Realty in the all-cash deal. Less than a month ago, Austin-based American Campus released information regarding its total investment in current construction that had reached $271.3 million; the company recently broke ground on a 332-bed project at the University of Wyoming, a $44.8 million project at the University of Buffalo and a $34.8 million complex at Texas Tech University. According to the Austin Business Journal, American Campus Communities Inc. secured $650 million in two credit facilities in May 2011.

The company currently owns 109 student housing properties totaling 67,600 beds, topped by joint venture and third-party managed properties that bring the company’s portfolio up to 141 properties with 91,900 beds. In the Orlando area, American Campus owns the Edge, Northgate Lakes, the Village at Alafaya Club, and the Village at Science Drive.

Also making headlines this week, a Chicago real estate syndicator bought the 40-year-old Stoneridge Apartments off South Texas Avenue and Oak Ridge Road from Central Florida Investments Inc. The 160-unit apartment complex commanded a sale price of $5 million, or $31,250 per unit. Both seller—parent company of Westgate Resorts—and buyer SR Apartments LLC were represented by Bob Goldfinger, Darron Kattan and Kevin Kelleher of Franklin Street Real Estate Services in the transaction.