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Realco Capital Partners buys College Court, Campus Club


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  • | 10:00 a.m. August 22, 2014
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BUYER: College Court USF LLC (Realco Capital Partners II), Fort Myers Beach
SELLER: College Court Ltd.
PROPERTY: 5610 Graduate Circle, Temple Terrace
PRICE: $11.8 million
PREVIOUS PRICE: $1.053 million

BUYER: Campus Club USF LLC (Realco Capital Partners II), Fort Myers Beach
SELLER: RRE Campus Club Holdings LLC
PROPERTY: 5651 E. Fletcher Ave., Tampa
PRICE: $10.5 million
PREVIOUS PRICE: $13.25 million, June 2006
LAW FIRM ON DEED: Burr & Forman LLP, Orlando

PLANS, DESCRIPTION:
Realco Capital Partners LLC has entered the University of South Florida student housing market. The Stamford, Conn.-based investment and development firm purchased the 92-unit College Court for $11.8 million and the 64-unit Campus Club for $10.5 million.

The combined purchase price equated to $142,949 per unit or $36,438 per bed. That per unit figure is greater than the average price per unit for multifamily space ($70,803) in the Tampa Bay area, according to the CoStar Group.

The three-building, 256-bed Campus Club features all four-bedroom, 4.5-bathroom units. Its amenities include a swimming pool with whirlpool spa, covered parking, game room, study rooms, a computer lab, fitness center and stand-up tanning facility. It was built in 2005

The four-story, 356-bed College Court contains a mixture of three- and four-bedroom units. It features a swimming pool, sand volleyball court, two-story fitness center, stadium seating movie theater, game room, tanning salon, business center and a study room with private study areas. It was constructed in 2004.

The company had not replied to requests for comment as of deadline.

According to its website, principals of Realco Capital Partners have built, managed, operated and invested in 8,500 apartments, 2,000 condominium units and more than 1 million square feet of office and retail space.

Prior to the most recent purchases, Realco Capital Partners was better known locally for its condominium holdings. The firm's portfolio includes the mixed-use One Hundred Central in Sarasota, 12-unit Solenzara in Bonita Springs, The Lofts in Lakewood Ranch and 84-unit Windward Point, 16-unit Ostego Bay Village, 36-unit Casa Marina, 56-unit Palm Harbor, 59-unit Bella Lago at Bay Beach and 12-unit Valencia Villas at Bay Beach in Fort Myers Beach.

Realco Capital Partners mortgaged the two student-housing properties to Centerline Mortgage Partners Inc. for a total of $16.69 million.

 

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