Smith Equities Negotiates Sales of Two Student Housing Communities in Tampa, FL Totaling $22.3 Million

TAMPA, FL (Aug. 28, 2014)  –Orlando-based Smith Equities Real Estate Investment Advisors  “SEREIA” recently  arranged  the  sale  of  two  “purpose” built  student  housing communities serving the University of South Florida (USF).

Geoff Harlan

 Campus Club, built in 2005, is a 64 unit, 256 bedroom community on East Fletcher that sold  for  $10.5  million.  Campus  Club  has  all  4  bedrooms,  4.5  baths  and  is  the  only property to have the extra half bath in the USF market.

College Court, built in 2004, is a 92 unit, 356 bedroom community on North 56th Street that sold for $11.8 million. College Court has apartments that are a mix of 3 bedrooms, 3 baths and 4 bedrooms, 4 baths.

Both communities are gated and have resort style pools.

Paul  Guyet  and  Geoff  Harlan  of  Smith  Equities  teamed  up  to  work  with  two  different sellers to secure one buyer for both properties.

“Since no new student housing communities were built this past year and enrollment was up, the off-campus market was very active this past leasing cycle” stated Mr. Guyet.

“In addition, a major business publication just reported that USF intends to double its student body which will fuel more investment in this market”.

“Although both of these properties were owned by different sellers, we were able to put both under contract with the same investor” stated Mr. Harlan.

Paul Guyet

 “Since the properties were so close to each other physically, we saw value in presenting them together to investors that were looking for opportunities in the USF student housing market.”

“Smaller Student Housing Properties represent a unique challenge to sell,” said Robert Smith, CCIM, president and founder of Smith Equities Real Estate Investment Advisors.

 For a complete copy of the company’s news release, please contact:

Paul M. Guyet, 407.422.0704, ext. 105

pguyet@smithequitiescorp.com