Colliers International represented a student housing developer with the purchase of 1.82 acres adjacent to the University of Tampa. The property, located at 311 N Newport Ave. in Tampa, sold for $5.4 million.
Sean Baird, Student Housing Group Director, and Jonathan Holt, Student Housing Group Senior Associate, of Colliers International represented the undisclosed buyer, a growing firm that has recently completed other student housing developments outside of Florida.
“This parcel is in an excellent location, adjacent to the University of Tampa and blocks away from downtown Tampa,” Baird said. “With no purpose-built off-campus student housing currently available, this property will be the best located off-campus community serving the University of Tampa student base.”
The property, which includes the former location of a doggy daycare, will be redeveloped into a Class A, six-story over-parking-garage student housing community with approximately 500 beds in a mix of unit sizes. The community will include a full range of amenities, including a dog wash area, bicycle storage, indoor and outdoor exercise facilities, and outdoor pool. The community will also have a retail component to offer additional services to residents.
“The west riverfront district has seen an extensive amount of redevelopment in recent years, focused on traditional multifamily and retail,” Holt said. “As part of the West Tampa Community Redevelopment area, 311 N Newport will continue the rapid growth in the area and further enhances the community through economic investment.”
Notably, the transaction closed in an unusually short timeframe for a land redevelopment deal, with only 91 days passing between the buyer submitting the initial letter of intent and closing.
“The buyer required a quick closing, and Colliers International was able to bring in the full breadth of its platform to make that happen,” Baird said. “Our Student Housing Brokerage team along with our Development Services team provided a turnkey solution to our client, ensuring timely execution on the sale and future development.”
Colliers Development Services will work with construction services company LCK of South Carolina to provide full owner representation and development coordination throughout the duration of the project. The services Colliers will provide for this project will include site due diligence, entitlement acquisition, design coordination, construction procurement and construction administration.
The new community is expected to deliver by fall 2022.
University of Tampa is a private university that ranks No. 17 in the Regional Universities South list by US News & World Report.
About Colliers International Group Inc.
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