OAK BROOK, IL - Inland Real Estate Acquisitions, Inc. announced today the acquisition of The Retreat at Orlando, a fully developed student housing property located near the University of Central Florida (UCF) campus in Orlando, for $72.5 million from Landmark Properties and Harrison Street Real Estate Capital, LLC. Mark Cosenza, vice president of Inland Real Estate Acquisitions, facilitated the transaction on behalf of an Inland affiliate.
Located approximately two miles south of UCF, the cottage-style property was built in 2014 and is comprised of 221 units with 894 total beds. Each fully furnished unit includes a washer and dryer, a security system and high-speed internet. The property also features a LEED-certified clubhouse with a computer lab, fitness center, yoga and pilates studio, tanning beds and a multi-tiered resort-style pool with cabanas, hammocks and a hot tub. Residents also have access to on-site pool tables, a golf simulator, big screen TVs, tennis courts, volleyball courts and bocce ball and grilling areas.
Due to its innovative design and premium amenities, The Retreat at Orlando is 100 percent leased for the 2015-2016 school year.
“We are thrilled to have closed on the purchase of this unique student housing property at the University of Central Florida,” Cosenza said. “The Retreat at Orlando is a draw for students due to its unparalleled amenities, high-end finishes and cottage-style units that differentiate it from nearby competitors on campus. We were pleased to work with the builders of the property, Harrison Street and Landmark Properties, to complete this transaction.”
Landmark Properties will continue to manage the community on behalf of the new owner.
“The Retreat at Orlando is a high-performing student housing community that will stand the test of time,” said J. Wesley Rogers, president and CEO of Landmark Properties. “High-quality real estate companies like Inland understand this and continue to show strong interest in the student housing asset class nationally.”
Source: Inland Real Estate Acquisitions / #Student #Housing