PHILADELPHIA, April 20, 2022 (GLOBE NEWSWIRE) — Rittenhouse Realty Advisors, a member of GREA, is pleased to announce the sale of ULake, a 300 unit/401 bed student housing property serving students at University of South Florida, Tampa. The sale marks the launch of RRA/GREA’s operations in Florida.
The property was marketed on behalf of FPA Multifamily, a known giant in the multifamily industry out of San Francisco, and sold to Core Spaces, a large owner/operator based out of Austin, TX and Chicago, IL. Located at 14200 Bruce B Downs Boulevard, ULake is approximately one mile from USF’s Tampa campus, on a bus route that takes students to and from campus. The property recently underwent significant renovations and offers students furnished or unfurnished units, on-site parking, three resort-style pools, pet friendly units with an on-site dog park, a fitness center, and sand volleyball courts.
Ken Wellar, managing partner at RRA/GREA, stated: “We are pleased to announce this successful transaction our team completed for FPA, one the largest buyers and sellers of multifamily properties in the country.”
Douglas Sitt, RRA/GREA’s student housing specialist, added: “University of South Florida is one the best performing student housing markets in the country, with strong year over year rent growth and high pre-leasing velocity. Large tier-1 universities in growth states are becoming the most competitive student housing markets in the U.S. to invest in.”
RRA/GREA recently opened an office in the Brickell neighborhood of Miami, following the growth of the South Florida market during the Covid-19 pandemic. Wellar noted: “We are seeing more capital from all parts of the country chase value-add deals in Florida.” The firm hired Jesus “Mando” de Armas as a full-time sales associate and Annamaria Leib to oversee operations in Florida as well as the firm’s student housing efforts.
Wellar stated: “RRA/GREA is excited to join South Florida’s commercial real estate community. We know the market well and with our national network of buyers we are well-positioned to replicate our successful model in Miami.”
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/48b20f9d-451a-4424-9983-77c8431f2a5f
For more information on current rates or to view our available listings visit www.RittenhouseRealty.com and www.GREA.com.
Based in Philadelphia, Pennsylvania, Rittenhouse Realty Advisors, a member of GREA, is a real estate advisory firm with an extensive focus in the brokerage of multi-family communities throughout the United States. Formed in February 2013 by a group of advisors with more than 30 years of commercial investment sales experience, our focus is on multi-family, mixed-use, and development properties with significant residential components. RRA is a member of GREA with brokerage offices throughout the United States.
Press Contact: Corey Lonberger and Ken Wellar
Managing Partners
215-454-2852
