CBRE Investment Management’s fund CBRE Strategic Partners U.S. Value 9, through a joint venture with student housing pioneer GMH Communities, has acquired Venue at North Campus, a fully leased student housing property located at 13702 42nd Street, Tampa, Florida.
“The residential sector is a high-conviction component of our U.S. investment strategy. Student housing is an asset class that tends to have a countercyclical nature, with university enrollment benefiting from down cycles. We believe that this asset will provide long-term value to both the students who reside there and to our investors,” said Andrew Glanzman, President, CBRE Investment Management.
Venue at North Campus is a Class A, LEED Gold certified, 734-bed, mid-rise apartment property with studio, two-, four- and five-bedroom furnished units that feature in-unit washers and dryers, balconies, walk-in closets, vaulted ceilings, electronic key fob access and valet garage service.
Residents have access to several community amenities including two resort-style swimming pools and state-of-the-art fitness centers, grilling stations, a study room and internet café, volleyball court, a convenience store and 704 surface and covered parking spaces.
Diann Hsueh, Deputy Portfolio Manager, CBRE Strategic Partners U.S. Value 9 for CBRE Investment Management, added, “Venue at North Campus is a well-amenitized property and is located on the edge of one of the largest public institutions in the U.S., making it an attractive housing choice for students. Our team plans to make strategic upgrades to the property that we believe will enhance its value and long-term profitability.”
“With nearly four decades in the student housing sector as an owner, developer and operator, our unique approach has appealed to residents and investors alike. This continued partnership with CBRE Investment Management has proven to drive value in the short- and long-term, enabling us to evolve and expand GMH’s student housing portfolio rapidly,” said Gary Holloway, Jr., CEO and President, GMH Communities.
Venue at North Campus is located adjacent to the University of South Florida, the third largest university in Florida, providing convenient access to the university’s campus for students via walking, biking or shuttle. The property is also approximately 10 miles from the business, retail and entertainment center of Downtown Tampa.
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