Park Partners Residential plans to renovate and reposition the student housing properties to compete against newer assets in the market.

MIAMI—Campus Club and Gateway at Glades, a 1,356-bed student housing portfolio serving the University of Florida in Gainesville, has won the confidence of investors. HFF arranged a $36.75 million acquisition and bridge loan for the buyer.

Park Partners Residential acquired the asset. Resource Real Estate (Resource). Park Partners Residential plans to renovate and reposition the student housing properties to compete against newer assets in the market. HFF managing director Elliott Throne and associate director Brian Gaswirth led the debt placement team.

“As a former Florida Gator attending classes when these properties were delivered, I can remember how popular the assets were and how they stood out among the competition,” Throne tells GlobeSt.com. “I am confident that Park Partners vision and experience will restore the communities and create demand with a new generation of Gators.”

Campus Club and Gateway at Glades are strategically and centrally located near the University of Florida proximate to Gainesville's main retail node, Archer Boulevard, which includes a strong roster of retailers catering to university students such as Walmart, Lowe's, Publix, Best Buy, Trader Joe's, Regal Cinemas, Best Buy and Ross Dress for Less. The University of Florida, a Tier One school, is one of the largest universities in the southeast boasting an enrollment of more than 50,000 students for the past 10 years.

Park Partners may be getting in at the right time. Properties beginning their leasing process earlier in the year contribute to a higher leasing velocity earlier in the leasing season and fewer concessions later, according to Axiometrics. While new developments are starting to lease earlier, so are existing properties. (Orlando is getting new student housing as part of a $1 billion mixed-use development.)

For Fall 2017, properties averaged over 3% preleased in October, compared to only 1.2% leased two years earlier, the firm reports. And Existing properties continue to see strong leasing results and have maintained increased velocity through January. Since November, Axiom reveals, leasing velocity has averaged nearly 300 basis points ahead every month, with properties reaching nearly 40% preleased in January.

Want more insight from a student housing expert. Check out my recent column featuring Carter's David Nelson.

Instant Insights /

Student Housing Portfolio Wins $37M Bridge Loan

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