Real Estate

JV Pays $16M for Student Housing Project Site

UCF Redevelopment. Image courtesy of Cushman and Wakefield

A partnership between 908 Group and Scannell Properties has paid $15.6 million for Pine Ridge Terrace, a multifamily property in Orlando, Fla. Cushman & Wakefield Executive Managing Directors Travis Prince, Mike Donaldson and Nick Meoli arranged the transaction on behalf of the seller.

The new owners announced plans to redevelop the 3.8-acre site into a student housing community, set to yield up to 764 bedrooms for students of the University of Central Florida.

Located at 12175 Science Drive, the site is less than 2 miles from the University of Central Florida campus and within a mile of Florida Technical College. Downtown Orlando is approximately 12 miles to the west, while Orlando International Airport is 18 miles to the south. The retail corridor along East Colonial Drive is within 2 miles of the project site and includes a self storage facility.

The 908 Group’s website indicates that the company has been active in Florida this year. The developer completed two student communities in Tallahassee, Fla., serving students at the Florida State University. Two other student housing assets are scheduled to go online next year in Gainesville, Fla., offering a total of 898 beds to students enrolled at University of Florida.    

Despite the student housing market slowing down this year due to pandemic-related insecurity, investors are still keen on opportunities around large universities. Just recently, Cushman & Wakefield worked on behalf of Stratus Development Group to arrange the sale of a 286-bed student community in Athens, Ga., located near the University of Georgia campus.

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