Orlando, Fla. — Toll Brothers Campus Living and The Davis Cos. have unveiled plans to develop Aperture, a 680-bed student housing community situated adjacent to the University of Central Florida (UCF) in Orlando. The project will encompass two buildings and rise five stories.
Located at 12727 E. Colonial Drive, Aperture will feature a fitness center, e-sports gaming center, computer lounge, content creation studio, LuxerOne package locker system, courtyard and resort-style pool. Residents will have access to a private shuttle to campus, as well as a parking garage with electric vehicle charging stations. Completion is slated for fall 2025.
TD Bank provided a $50 million construction loan for the project. Toll Brothers’ in-house finance department arranged the equity and debt.
According to the developers, UCF has the second largest on-campus enrollment of any public university in the U.S. with almost 70,000 students enrolled in the 2022-2023 academic year.
“Demand for elevated student housing continues to rise across the country as highly amenitized offerings gain prevalence in the market, especially in the Sun Belt region,” says Jerry Murphy, managing director of investments at Davis.
Toll Brothers Campus Living will manage the property’s development, construction and asset management, as well as handle marketing and leasing in partnership with Davis.
Toll Brothers Campus Living is the student housing development division of Toll Brothers Inc. (NYSE: TOL), a national builder of luxury homes. Aperture marks the second Toll Brothers multifamily project in Florida. Toll Brothers Campus Living has developed nearly 1,000 units and more than 3,000 beds nationwide, with an additional 1,000 units in the pipeline.
Boston-based Davis is a vertically integrated real estate investment, development and management firm. Davis owns a real estate portfolio of approximately 14 million square feet of healthcare, life sciences, industrial, retail, office and hospitality properties, in addition to more than 5,000 residential units across the U.S.
— Kristin Harlow