Commercial Street Partners, a full-service real estate development firm based in Rochester, N.Y., has purchased a 1.82-acre parcel adjacent to the University of Tampa that is fully zoned, entitled and approved for a student housing community. The purchase price was $11.5 million.
Located at 311 N Newport Ave., on the southeast corner of Newport Avenue and W Fig Street, the site is approved for 150 units and 576 beds in an eight-story mid-rise configuration with 303 structured parking spaces.
Sean Baird, Director of Student Housing Services, and Jonathan Holt, Director of Student Housing Investments, of Colliers facilitated the transaction. The seller was 311 N. Newport LLC.
â€œ311 N Newport will be the best-located off-campus student housing community serving the University of Tampa. This is a supply-constrained market, and demand is going to continue growing into the future. This was a great fit for the buyer, which is seasoned at developing student housing communities and will enjoy economies of scale for this project due to other projects it has underway in Florida.â€
Sean Baird, Director of Student Housing Services, Colliers
Currently, The Henry and 220 E Madison are the only true purpose-built off-campus student housing communities serving the University of Tampa. Both The Henry and 220 E Madison are currently 100% occupied, and The Henry is 100% preleased for Fall 2022.
The new community planned for 311 N Newport Ave. will offer a mix of two-, three-, four- and six-bedroom floor plans, all with one bathroom for each bedroom. Class A+ amenities will include a state-of-the-art fitness center, third-floor pool facing the university, volleyball court, outdoor lounge and grille stations, and a rooftop lounge looking over campus.
Commercial Street Partners has developed over $250 million of multi-family projects in the last four years and plans to continue developing luxury multifamily and student housing communities in New York, Pennsylvania, Ohio, North Carolina and Florida.
Plans are yet to be determined for the groundbreaking and construction timeline for the community at 311 N Newport Ave. The new ownership has received all approvals necessary to begin construction, including a complete set of 100% construction drawings.
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