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BUYER: CCAL 4050 Rocky Circle Road LLC (Campuscal LLC), Austin, Texas
SELLER: Sterling USF LP
PROPERTY: 4050 Rocky Circle, Tampa
PRICE: $41.5 million
PREVIOUS PRICE: $11.15 million, April 2008
LAW FIRM ON DEED: Vinson & Elkins LLP, Austin, Texas
PLANS, DESCRIPTION: Austin, Texas-based Campus Advantage and an unnamed state pension fund purchased the 196-unit, 722-bed Sterling 42nd Street student housing community for $41.5 million.
The price equated to $211,735 per unit or $57,479 per bed.
Built in 2009, the complex was 98% occupied at the time of the sale. It features two pools, a cyber cafe, a fitness center and a tanning salon. Most of its residents attend the University of South Florida.
Marcus & Millichap's National Student Housing Group handled the transaction.
Campus Advantage will be the operating partner for the venture and will mange the community. The seller was the student housing division of The Dinerstein Cos. The name of the state pension fund was not released.
“We were very familiar with the market and product type,” says Michael Orsak with acquisition services for Campus Advantage. “We are always looking to acquire well-located, stabilized assets.”
Campus Advantage manages more than 30,000 beds in 52 locations nationwide, including the Campus Lodge in Tampa, which also houses USF students.
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