Franklin Street has arranged the sale of Campus Palms, a 230-unit, 570-bed student housing community in Tampa for $43.2 million. The property is located two blocks from the University of South Florida, serving a student population of nearly 50,000.
Franklin Street’s Tampa-based Multifamily Investment Sales Team of Darron Kattan, Zach Ames, Robert Goldfinger, Avery Jordan and Mark Savarese represented Semco Investments, LLC in the off-market disposition, which involved sourcing the seller’s 1031 exchange. The buyers are a privately held real estate investment, capital and advisory firm, and Pennsylvania-based College Town Communities, a national manager of student housing properties.
“With its proximity to USF, wide array of amenities and below market rents for this area, Campus Palms is a competitive option for students seeking off-campus housing,” said Kattan. “As USF continues to gain recognition as a top university, having recently been named America Fastest-Rising University by U.S. News & World Report, this property is in a very favorable position for continued rent growth and high occupancies.”
In 2015, the property was completely gut renovated and converted from a traditional rental community to a student housing, leased by the bedroom community. All units are fully furnished and feature washers and dryers and central HVAC. All kitchens were recently updated with stainless steel appliances and granite counter tops.
Amenities include an Olympic-style pool, a resort-style pool with a hot tub, 24-hour study and computer lab, 24-hour fitness center, basketball courts, volleyball courts, a dog park, a clubhouse with games and ample parking. Residents also have access to a shuttle that goes to and from the USF campus.
This property is situated in Tampa’s Uptown District, which provides access to over 74,000 jobs, 4,100 companies and over $1 billion in new development.