ORLANDO—Campus Advantage is moving into Orlando's student housing market. The student housing firm has acquired Northgate Lakes, which serves the University of Central Florida (UCF). The property marks the first acquisition under one of the firm's joint ventures with major United States' public pension plans.

Northgate Lakes is located across the street from the north entrance of the UCF campus. The property offers 194 student housing units and 710 beds and is 95% occupied.

“The University of Central Florida is one of the fastest-growing universities and the second-largest university in the nation in terms of enrollment,” says Michael Orsak, senior vice president of investments for Campus. “Because of this, the UCF area is seeing tremendous demand for student housing, so Northgate Lakes is well-positioned to deliver great returns on the investment we have made on behalf of our public pension plan partners.”

North Lakes offers several three- and four-bedroom floor plans. The property features amenities such as a study and social lounge, computer center, game and theater rooms, two swimming pools and a sand volleyball court.

Campus operates 50 student housing communities across 19 states with a total bed count of more than 27,000, but this investment is the first student housing property it purchased under a $150 million joint venture with a major public pension plan, which provides investment services for the benefit of public employees and state and local governments. Under the joint venture, the student housing firm and its partners look for properties in high growth areas with high occupancy rates.