Coastal Ridge Real Estate and Heitman have sold Campus Lodge, a student housing asset with 312 units and 1,067 beds, near Tampa, Fla., for $83.5 million. TSB Realty closed the sale.

The buyer, New York-based investment advisor Axonic Properties, took a $57.5 million loan from KeyBank to finance the student housing acquisition, according to records filed with Hillsborough County's recorder.

The new owner has selected Weller Management to oversee operations, rebranding the community as Forest Lake. Located at 15115 Livingston Ave. in Lutz, the property is about 2 miles north of the University of South Florida's main campus. Constructed at the turn of the century, the community was most recently upgraded in 2019. Floor plans range from two to four bedrooms, and amenities include a basketball court, tanning facilities, a swimming pool, and a 24-hour fitness center.

Admissions, Investment Rebounds

There was little to be optimistic about for the student housing sector two years ago, as colleges across the country shut their doors and turned out the lights for an indeterminable length of time. However, 2021 brought renewed optimism, with college applications bouncing back by 22%, CNBC reported, with considerably more diverse student demographics. The University of South Florida itself reported a 20% increase in out-of-state undergraduate students during the past five years.

Investment has certainly followed suit. Brokerage firm JLL reported that student housing transaction volume hit $2.5 billion in the first half of 2021, a nearly 50% increase compared to the same period in 2020. While not yet on par with 2019's deals, student housing opportunities are clearly drawing significant capital — and a diverse mix of lenders are getting into the game as well, from life insurance companies to debt funds, banks, and more.