Student housing near USF sells for $70 million
By Ashley Gurbal Kritzer
Tampa Bay Business Journal
Published: Oct 31, 2023

A student housing complex near the University of South Florida has sold for $70 million.

CBRE Strategic Partners U.S. Value 9, in a joint venture with GMH Communities, has acquired the Venue at North Campus. The seller was an entity linked to Seattle-based Horizon Realty Advisors, according to Hillsborough County property records. Horizon paid $46.6 million for the property in 2017.

The sale closed Oct. 17, and a deed for the transaction was filed Oct. 27.

“The residential sector is a high-conviction component of our U.S. investment strategy,” Andrew Glanzman, president of CBRE Investment management, said in a statement. “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.”

Venue at Campus North was built in 2012 and has 734 beds. Unlike market-rate multifamily properties, which are rented by apartments, student housing is typically rented by bedroom.

“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,” Gary Holloway Jr., GMH Communities CEO and president, said in a statement. “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.”