TAMPA — If it’s a day that ends with Y, it must mean another area apartment complex sold.
This time it’s the Campus Palms in Tampa, a student housing community a couple of blocks from the University of South Florida.
The 230-unit, 570-bed community sold for $43.2 million to Doylestown, Pennsylvania-based Trinity Property Group and College Town Communities, a company that manages student housing nationwide, according to a statement announcing the sale. Trinity Property Group has a regional headquarters in Lakewood Ranch.
The property includes two pools, fitness center and 24-hour study lounge as well as access to shuttles to and from campus. The units, which are leased by the bedroom, are furnished and include washers and dryers.
Campus Palms was completely renovated in 2015, transforming from a traditional rental community to student housing.
Darron Kattan, managing director of Franklin Street, the Tampa commercial real estate company that brokered the sale, says in a statement announcing the sale that USF’s rising profile make apartment properties near it attractive. The recognition puts the property “in a very favorable position for continued rent growth and high occupancies.”
The Campus Palms deal continues a trend of large multifamily developments changing hands in high-dollar transactions not just near the university but across the region. To name just a small few, a Chicago developer recently spent $112 million on two properites in Clearwater and a Miami developer bought two Fort Myers residential towers in deals totaling $125 million.