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University Falls Into Sweetheart Deal

ORLANDO-Housing-strapped University of Central Florida is paying College Park Communities of Pennsylvania $150 million, or about $40,000 per unit for 3,756 units in two off-campus apartment complexes. The seller is throwing in the 80-acre land itself gratis.

By Alex Finkelstein | Updated on August 09, 2000

With student housing demand far outstripping shelter supply, the 30-year-old, 40,000-student University of Central Florida is contracting to buy 3,756 units in two off-campus apartment complexes for $150 million, or about $40,000 per unit. The 80-acre site itself is being transferred free. The deal with College Park Communities of Pennsylvania closes in October.

The university is funding the transaction through the UCF Foundation and another non-profit corporation now being established. The non-profit entity will sell bonds that will be retired over 30 years with student rent revenue.

College Park will continue to manage the three-year-old properties under a separate contract with UCF. The assets are Knight’s Krossing, 2,532 residents; and Knight’s Court, 1,224 students. Both apartment structures are on Alafaya Trail, directly across from the campus.

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