PAOLI, PA — TSB Realty, LLC successfully completed the sale of Campus Lodge, a 312-unit, 1,067-bed purpose-built student housing property located just north of the University of South Florida campus in Tampa, Florida. Coastal Ridge Real Estate and Heitman sold the asset to an undisclosed buyer.
“This is an upscale, modern student housing community with proven value-add potential,” said Timothy S. Bradley, a principal with TSB Realty and the founder of TSB Capital Advisors. “The new buyer identified an opportunity to continue with renovations and really capitalize on USF’s steadily grow-ing enrollment. It was a pleasure to work with them, as well as continue our strong relationship with Coastal Ridge and Heitman throughout this process.”
Campus Lodge features the ideal mix of luxurious amenities in the Tampa market, including a resort-style pool, lodge-style clubhouse, 24-hour fitness center, 24-hour computer lounge, basketball court, free tanning, free parking and more. A series of renovations in 2019 upgraded many of the two-, three- and four-bedroom units with quartz countertops, premium lighting fixtures, brushed nickel finishes, modern appliances, and a new furniture package. Located a little more than a mile from campus, Campus Lodge is perfectly situated to serve a growing University of South Florida student body. Over the last five years, the campus has experienced 20% growth among out-of-state undergrads and this past fall welcomed its largest freshman class ever.
Coastal Ridge Real Estate, based in Columbus, Ohio, and Santa Monica, California, is a full-service investment management firm focused on the multifamily real estate sector. Coastal Ridge Real Estate currently has $2.6 billion of assets under management, including over 20,000 student housing beds, and is one of the 15 largest student housing owner-operators.
Founded in 1966, Heitman LLC is a global real estate investment management firm with approximately $51 billion in assets under management. Heitman’s real estate investment strategies include direct investments in the equity or debt capitalization of a property or in the securities of listed and publicly traded real estate companies.
TSB Realty is a full-service, national investment sales firm specializing in the valuation and disposition of student housing communities and conventional multifamily communities. Since inception in 2014, the Paoli, Pennsylvania-based firm has closed more than $5 billion in student housing sales for a diverse client base, encompassing more than 46,000 beds from tier 1 markets to tertiary mar-kets.
