College Park didn't do badly on the deal itself. Orange Countytax records show the developer bought the assets in 1998 and 1999for $29,702 per bed. "A nice profit," Smith Equities Corp.president Robert E. Smith tells GlobeSt.com.
The university is funding the transaction through the UCFFoundation and another non-profit corporation now beingestablished. The non-profit entity will sell bonds that will beretired over 30 years with student rent revenue.
College Park will continue to manage the three-year-oldproperties under a separate contract with UCF. The assets areKnight's Krossing, 2,532 residents; and Knight's Court, 1,224students. Both apartment structures are on Alafaya Trail, directlyacross from the campus.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
