CBRE Investment Management Fund and GMH Communities Acquire Class A Student Housing Property Adjacent to the University of South Florida in Tampa
October 27, 2023
CBRE Strategic Partners U.S. Value 9, through a joint venture with student housing pioneer GMH Communities, has acquired Venue at North Campus, a fully leased student housing property located at 13702 42nd Street, Tampa, Florida.
“The residential sector is a high-conviction component of our U.S. investment strategy. Student housing is an asset class that tends to have a countercyclical nature, with university enrollment benefiting from down cycles. We believe that this asset will provide long-term value to both the students who reside there and to our investors,” said Andrew Glanzman, President, CBRE Investment Management.
Venue at North Campus is a Class A, LEED Gold certified, 734-bed, mid-rise apartment property with studio, two-, four- and five-bedroom furnished units that feature in-unit washers and dryers, balconies, walk-in closets, vaulted ceilings, electronic key fob access and valet garage service. Residents have access to several community amenities including two resort-style swimming pools and state-of-the-art fitness centers, grilling stations, a study room and internet café, volleyball court, a convenience store and 704 surface and covered parking spaces.
Diann Hsueh, Deputy Portfolio Manager, CBRE Strategic Partners U.S. Value 9 for CBRE Investment Management, added, “Venue at North Campus is a well-amenitized property and is located on the edge of one of the largest public institutions in the U.S., making it an attractive housing choice for students. Our team plans to make strategic upgrades to the property that we believe will enhance its value and long-term profitability.”
“With nearly four decades in the student housing sector as an owner, developer and operator, our unique approach has appealed to residents and investors alike. This continued partnership with CBRE Investment Management has proven to drive value in the short- and long-term, enabling us to evolve and expand GMH’s student housing portfolio rapidly,” said Gary Holloway, Jr., CEO and President, GMH Communities.
Venue at North Campus is located adjacent to the University of South Florida, the third largest university in Florida, providing convenient access to the university’s campus for students via walking, biking or shuttle. The property is also approximately 10 miles from the business, retail and entertainment center of Downtown Tampa.
About CBRE Investment Management
CBRE Investment Management is a leading global real assets investment management firm with $147.6 billion in assets under management* as of June 30, 2023, operating in more than 30 offices and 20 countries around the world. Through its investor-operator culture, the firm seeks to deliver sustainable investment solutions across real assets categories, geographies, risk profiles and execution formats so that its clients, people and communities thrive.
CBRE Investment Management is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBRE), the world’s largest commercial real estate services and investment firm (based on 2022 revenue). CBRE has approximately 115,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE Investment Management harnesses CBRE’s data and market insights, investment sourcing and other resources for the benefit of its clients. For more information, please visit www.cbreim.com.
*Assets under management (AUM) refers to the fair market value of real assets-related investments with respect to which CBRE Investment Management provides, on a global basis, oversight, investment management services and other advice and which generally consist of investments in real assets; equity in funds and joint ventures; securities portfolios; operating companies and real assets-related loans. This AUM is intended principally to reflect the extent of CBRE Investment Management’s presence in the global real assets market, and its calculation of AUM may differ from the calculations of other asset managers and from its calculation of regulatory assets under management for purposes of certain regulatory filings.
About GMH Communities
Headquartered in Newtown Square, PA, GMH Communities is a dynamic, privately held real estate company specializing in the acquisition, development and management of exceptional living communities throughout the United States. Since 1985, GMH has participated in over 300 transactions representing more than $8 billion of gross asset value across all major property types. For more information, visit www.gmhcommunities.com.