08 Oct University Park Developer Expands Student Housing Portfolio in Boca Raton
Boca Raton, FL (October 8, 2014) The joint venture partnership of Rosemurgy Properties and Giles Capital Group has expanded their student housing portfolio in Boca Raton, FL with the purchase of Boca Sol, 200 NE 20th Street and the purchase of partnership interest in University View, 2190 NW 4th Court. These acquisitions join the new University Park off-campus lux student housing project currently under construction at 135 N.W. 20th Street, and have increased their investment value to more than $100 million along the 20th street corridor in Boca Raton.
“We are pleased to be able to fulfill the need for off-campus student housing along 20th Street in Boca Raton with about 900 beds for college students. Boca Sol and University View are fully-leased for the current fall 2014 semester and University Park will be available for students in the summer of 2015,” said Rick Giles, President, Giles Capital Group.
Boca Sol has been re-positioned for student housing and re-branded as University Square – www.uliveusquare.com. Renovations just completed include a new fitness center and resident lounge with flat screen televisions, computers and Wi-Fi access, a beach volleyball court, and renovated pool area. Newly renovated units include new floors, kitchens and baths and come fully furnished. The property consists of five, two-story buildings totaling 90 units with 128 beds, all with screened balconies that overlook the central courtyard area featuring the swimming pool and the new beach volleyball court.
University View, an off-campus student housing property adjacent to the Florida Atlantic University campus, will be re-branded as University View – www.uliveuview.com. The property includes 55 townhouse units with 165 beds, a swimming pool, fitness center, beach volleyball court, nighttime security guard, and limited access gated entrances.
University Park – www.uliveupark.com – is the first, purpose-built student housing project in Boca Raton. This 280,000 square-foot, off-campus community will feature eight, four-story buildings with accommodations for 598 beds in 159 units. The fully-furnished 2, 3 and 4 bedroom apartments will have modern furnishings, flat screen TV’s, in-unit washer/dryers, kitchen, living area, private bedrooms and private bathrooms for each resident. University Park will offer extensive amenities including a state-of-the-art 13,500 square foot, two-story clubhouse with a student café and juice bar, 24-hour fitness and cross-fit facilities along with a yoga studio, hi-tech video gaming rooms, computer labs, study and conference rooms, and state-of-the-art vending areas providing the students with supplies and snacks. Outdoor features will incorporate a resort-style pool area with green space for lounging, barbecue grills, fountains, and study hammocks. The community will have 1GB internet speed and wireless internet speed, secured indoor bicycle storage, on-site property management, nighttime security guard, and limited access gated entrances.
Woodlark Companies, Miami, FL has been retained for the management and leasing responsibilities for University Park, University View and University Square.
About Rosemurgy Properties
Founded 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 properties, 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, its focus remains the commitment to providing outstanding service and quality for investors, customers and residents. For more information about Rosemurgy Properties, please visit www.rosemurgyproperties.com or phone 954.571.3404.
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. He formed Chameli of Miami LLC for the purpose of acquiring student housing development sites and assets, and is a past investor/owner of the Campus Circle purpose-built student housing development in Tallahassee, FL. 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 about Giles Capital Group, please call 561.602.3895.