GREA Launches Florida Operations with Sale of ULake at USF Tampa for $38,750,000

April 20, 2022

GREA is pleased to announce the sale of ULake, a 300 unit/401 bed student housing property serving students at University of South Florida in Tampa. The sale marks the launch of GREA’s operations in Florida.

The property was marketed on behalf of FPA Multifamily, a known giant in the multifamily industry out of San Francisco, and sold to Core Spaces, a large owner/operator based out of Austin, TX and Chicago, IL. Located at 14200 Bruce B Downs Boulevard, ULake is approximately one mile from USF’s Tampa campus, on a bus route that takes students to and from campus. The property recently underwent significant renovations and offers students furnished or unfurnished units, on-site parking, three resort-style pools, pet friendly units with an on-site dog park, a fitness center, and sand volleyball courts.

Ken Wellar, founding partner at GREA, stated: “We are pleased to announce this successful transaction our team completed for FPA, one the largest buyers and sellers of multifamily properties in the country.”

Douglas Sitt added: “University of South Florida is one the best performing student housing markets in the country, with strong year over year rent growth and high pre-leasing velocity. Large tier-1 universities in growth states are becoming the most competitive student housing markets in the U.S. to invest in.”

GREA recently opened an office in the Brickell neighborhood of Miami, following the growth of the South Florida market during the Covid-19 pandemic. Wellar noted: “ We are seeing more capital from all parts of the country chase value-add deals in Florida.” The firm hired Jesus “Mando” de Armas as a full-time sales associate and Annamaria Leib to oversee operations in Florida as well as the firm’s student housing efforts.

Wellar stated: “GREA is excited to join South Florida’s commercial real estate community. We know the market well and with our national network of buyers we are well-positioned to replicate our successful model in Miami.”