Search
 

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.