Tampa, Fla. — Realco Capital Partners acquired both properties from Resource Real Estate and Harrison Street Real Estate Capital.
Tampa, Fla. — Orlando-based Smith Equities Real Estate Investment Advisors (SEREIA) recently arranged the sale of two communities serving the University of South Florida (USF). One buyer, Realco Capital Partners of Stamford, Connecticut, purchased both properties for a total of $22.3 million. The first property, Campus Club, was built in 2005. The 64-unit, 256-bed community sold for $10.5 million. Campus Club contains only 4-bedroom, 4.5-bath units, and is known to be the only property in the USF market that offers an extra half bath. The seller was Resource Real Estate of Philadelphia.
The second property, College Court, was built in 2004. The 92-unit, 356-bed community sold for $11.8 million. The former owner was Harrison Street Real Estate Capital of Chicago. College Court has apartments that are a mix of three bedrooms, three baths and four bedrooms, four baths. Both communities are gated and have resort-style pools.
Paul Guyet and Geoff Harlan of Smith Equities teamed up to work with the two sellers to secure one buyer for both properties.
“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,” Guyet says. “In addition, a major business publication just reported that USF intends to double its student body, which will fuel more investment in this market.”
“Although both of these properties were owned by different sellers, we were able to put both under contract with the same investor,” Harlan says. “Since the properties were so close to each other physically, we saw value in presenting them together to investors that were looking for opportunities in the USF student housing market.”
This is the second time Smith Equities sold College Court, having sold it originally to Harrison Street in 2008. Smith has now sold over $230 million of student housing properties in Florida.