Realco Capital Buys 2 Student Housing Properties in Tampa
- Sep 02, 2014
Smith Equities Real Estate Investment Advisors has managed to satisfy three student-housing investors with a single sale. The multi-family brokerage specialist secured Realco Capital Partners as the buyer of Campus Club and College Court, two student housing communities serving the University of South Florida in Tampa, on behalf of the assets’ respective sellers Resource Real Estate Opportunity REIT Inc. and Harrison Street Real Estate Capital L.L.C.
Campus Club, located at 5651 E. Fletcher Ave., welcomed its first students in 2001, with 64 units accommodating 256 beds. The property fetched $10.5 million three years after Resource Real Estate acquired the asset as a non-performing note for $8.3 million.
Located roughly one block away from Campus Club, College Court made its debut in 2004. The property, which features 356 beds in 92 units, commanded $11.8 million and was familiar territory for Smith Equities, which had spearheaded College Court’s sale to Harrison Street in 2008.
It was Smith Equities’ goal to find a single buyer for Campus Club and College Court, and it was a realistic pursuit. “Since no new student housing communities were built this past year and enrollment was up, the off-campus market was very active this past leasing cycle,” Paul Guyet, student housing specialist with Smith Equities, noted in a statement.
With the closing of the Campus Club and College Court transactions, Smith Equities has now completed more than $230 million of student housing sales in the Sunshine State.