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RRA/ GREA LAUNCHES FLORIDA OPERATIONS WITH SALE OF 300 UNIT/401 BED STUDENT PROPERTY AT USF TAMPA FOR $38,750,000

by RRA on April 25, 2022
RRA/ GREA LAUNCHES FLORIDA OPERATIONS WITH SALE OF 300 UNIT/401 BED STUDENT PROPERTY AT USF TAMPA FOR $38,750,000
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PHILADELPHIA, PA–(4/20/22) –   Rittenhouse Realty Advisors, a member of GREA, is pleased to announce the sale of ULake, a 300 unit/401 bed student housing property serving students at University of South Florida, Tampa.  The sale marks the launch of RRA/GREA’s operations in Florida.  

The property was marketed on behalf of FPA Multifamily, a known giant in the multifamily industry out of San Francisco, and sold to Core Spaces, a large owner/operator based out of Austin, TX and Chicago, IL.  Located at 14200 Bruce B Downs Boulevard, ULake is approximately one mile from USF’s Tampa campus, on a bus route that takes students to and from campus.  The property recently underwent significant renovations and offers students furnished or unfurnished units, on-site parking, three resort-style pools, pet friendly units with an on-site dog park, a fitness center, and sand volleyball courts.  

Ken Wellar, managing partner at RRA/GREA, stated: “We are pleased to announce this successful transaction our team completed for FPA, one the largest buyers and sellers of multifamily properties in the country.” 

Douglas Sitt, RRA/GREA’s student housing specialist, added:  “University of South Florida is one the best performing student housing markets in the country, with strong year over year rent growth and high pre-leasing velocity.  Large tier-1 universities in growth states are becoming the most competitive student housing markets in the U.S. to invest in.”

RRA/GREA recently opened an office in the Brickell neighborhood of Miami, following the growth of the South Florida market during the Covid-19 pandemic.  Wellar noted: “We are seeing more capital from all parts of the country chase value-add deals in Florida.”  The firm hired Jesus “Mando”  de Armas as a full-time sales associate and Annamaria Leib to oversee operations in Florida as well as the firm’s student housing efforts.  

Wellar stated: “RRA/GREA is excited to join South Florida’s commercial real estate community.  We know the market well and with our national network of buyers we are well-positioned to replicate our successful model in Miami.”

 

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