A joint venture between CBRE Strategic Partners and GMH Communities has recently acquired the Venue at North Campus, a student housing complex located near the University of South Florida (USF). The property was sold by Horizon Realty Advisors for $70 million, as reported by Tampa Bay Business Journal. According to reports, Horizon initially purchased the property in 2017 for $46.6 million.
Constructed in 2012, the Venue at North Campus offers 734 beds and boasts amenities such as charcoal grills, a Starbucks coffee machine, electric bike rentals and a Bull Market Convenience Store. Unlike market-rate multifamily properties that are rented out per apartment unit, student housing is typically leased per bedroom.
Andrew Glanzman of CBRE expresses his confidence in this investment opportunity stating that “student housing is an asset class with countercyclical nature” which benefits from university enrollment even during economic downturns. He believes that this acquisition will not only provide long-term value to its residents but also to their investors.
