TAMPA, FL—Student housing is in demand in Tampa and developers are finding more than one way to tap into the need. A two-story multifamily building just sold to a developer who plans to transform the asset into student housing.
Originally built in the 1960s, Sunset Square Apartments is located across the street to the University of South Florida on Bruce B. Downs Boulevard next to the VA Hospital.Collier Companies bought the 100-unit multifamily community for $6.4 million with plans to demolish the existing apartments and develop a state-of-the-art student housing complex.
Robert Goldfinger, Darron Kattan, Kevin Kelleher, and Zach Ames, all of Franklin Street, represented the buyer. Sunset Square Blackhawk Realty Advisors was the seller.
“After we secured this listing, we knew it would be a perfect location for student housing, so we started reaching out to top developers in that space to see who would be interested,” Goldfinger tells GlobeSt.com. “Colliers, who is one of the top student housing companies in the country, is clearly the best candidate and was selected as the buyer.”
According to Goldfinger, the deal had some issues usually not associated with an existing multifamily transaction. Specifically, he pointed to the need to rezone for higher density and to work out a timeline for current tenants to relocate.
“Very rarely does someone buy a multifamily project with plans to tear down and re-build,” says Goldfinger. “That created some challenges, but through patience and cooperation of all parties involved, we worked through all of the hurdles and closed the deal. I look forward to seeing the final product.”
Colliers’ initial plans call for about 180 student housing units with 600 bedrooms. The project will likely offer one-, two-, three-, and four-bedroom units. Each student will get his or her own bedroom and bathroom and then share common areas with other students. The multifamily property is located at 12708 Bruce B. Downs Boulevard. Download PDF
