Subtext, Nuveen Purchase Student Housing Near UCF
There is 15,000 SF of indoor and 17,000 SF of amenity space on the outside.
Subtext and Nuveen Real Estate have teamed up to acquire a student apartment community development in Orlando.
VERVE Orlando, which sits on 3.13 acres is located just 0.2 miles away from the University of Central Florida (UCF). It consists of a total of 446,078 square feet of space, with 200 units and 626 beds. Studios and one-to-five-bedroom options can be chosen from.
The amenities include a pool, courtyard, dog run, gaming lounge, club room, wellness suite, podcast studio, study spaces, creation studio, a fitness center, as well as a parking garage that fills 573 spots.
The site, located at 3133 North Alafaya Trail, is also nearby Central Florida Research Park. The purchase price of VERVE Orlando was not disclosed.
“We’re excited to expand our portfolio to the UCF market. As a growing academic and research destination, there is an increased demand for elevated student housing in the area,” said Brandt Stiles, founding partner at Subtext, in a statement.
The move by Subtext and Nuveen comes after RealPage provided its most recent student housing update. Preleasing at 175 universities tracked was found to be at just 92.8 percent for the Fall semester. That’s down 94.4% from last year and 95.6% in 2022.
Subtext has a variety of other student properties in other regions outside of Florida. This includes Ann Arbor, Michigan; Knoxville, Tennessee; Columbia, South Carolina; Tempe, Arizona; and Columbus, Ohio, among other regions. Additionally, the company has multifamily assets in its portfolio. Nuveen has $147 billion in assets under management.
Construction for VERVE Orlando is expected to finish in 2026.