Harrison Street, Michaels Sell 551-Bed Community Near the University of West Florida

Pensacola, Fla. — A joint venture between Harrison Street and The Michaels Organization has sold The Next, a 551-bed student housing community located near the University of West Florida campus in Pensacola. CBRE National Student Housing’s Jaclyn Fitts, William Vonderfecht and Casey Schaefer represented the seller, in partnership with CBRE Jacksonville Multifamily’s Ryan Hixon. WFI acquired the property for an undisclosed price. The Next offers fully furnished units with bed-to-bath parity. Shared amenities include a clubhouse, game room, computer center, tanning station, resort-style swimming pool, fitness center and study rooms on each floor. “The Next offers investors a valuable and proven asset in a market with no new supply in the pipeline,” says Schaefer of CBRE. “The property’s campus-adjacent location and enhanced amenities allowed sellers to exit with favorable pricing while also providing new ownership with attractive upside in this high-demand market.”