18 Jan Student Housing Portfolio Sells For $105.25 Million
The joint venture partnership of Rosemurgy Properties, Giles Capital Group and Lewis Rental Properties has sold a student housing real estate portfolio including University Park, University View and University Square in Boca Raton, Florida for $105.25 million. The properties were purchased by an institutional investor based in New York, New York.
“We are extremely proud of the efforts of our entire team,” said Rick Giles, President, Giles Capital Group. “The sale of University Park marks the highest price paid per unit for a multifamily rental project in the State of Florida, as well as the highest price paid per bedroom for student housing in the State of Florida.”
University Park, 135 N.W. 20th Street, opened in April 2015 and is the first purpose-built student housing project developed in Boca Raton. The new 280,000 square-foot, community features eight, four-story buildings with 598 beds in 159 units. Boca Sol, 200 N.E. 20th Street, was purchased in January 2014, re-positioned for student housing and re-branded as University Square. The property consists of five, two-story buildings totaling 90 units with 128 beds. Addison Park, 2190 N.W. 4th Court, was purchased in March 2013 and rebranded as University View. The property includes 55 townhouse units with 165 beds. The properties were managed by Park Partners Residential www.parkpartners.com.
“Student housing is an important component to the growing collegiate lifestyle in our community,” said Alexander S. Rosemurgy, CEO, Rosemurgy Properties. “Developing the first purpose built student housing in Palm Beach County with University Park, and addressing the need for off campus housing is important for the continued growth of the three universities in Boca Raton.”
About Rosemurgy Properties
Established in 1977 and headquartered in Boca Raton and Deerfield Beach, Florida, Rosemurgy Properties is a privately owned commercial real estate development, investment and management firm. Portfolio assets include multi-family, self storage, retail, office and land, with the focus of a long term diversified investment and development strategy. The company includes general contracting and property management divisions. As Rosemurgy Properties continues to expand, it remains committed to excellence, personalized service and quality for investors, customers and residents. For more information visit www.rosemurgyproperties.com.
About Giles Capital Group
Giles Capital Group is a real estate investment and advisory services company focused on the multi-family industry. As President and founder, Richard P. Giles has 25 years of experience in the apartment industry including guiding the operations of more than 25,000 apartments throughout the Mid-Atlantic and Southeastern regions of the United States. During his career, Mr. Giles has also been responsible for fee managed, joint venture, REIT-owned properties, and condominium conversion/associations. Prior to founding Giles Capital Group, Mr. Giles was Chief Operating Officer with The Bainbridge Companies and Group Vice President with Archstone-Smith. Mr. Giles is a licensed real estate broker and has served on the board of directors of the Palm Beach, Broward and Miami-Dade Apartment Associations. For more information call 561.602.3895.