Austin-based Campus Advantage, a provider of student housing management services, has bought The Edge student housing community in Orlando, FL. The $40.9 million deal, located west of the University of Central Florida campus, includes 930-beds spread over 312 units. The building features private bedrooms, leather-style furniture, washer/dryers and fully-equipped kitchens. Amenities include a 24-hour fitness center, business and recreation center, swimming pool with hot tub and sundeck, movie theater room, and study rooms.
The acquisition of The Edge is the first purchase under a second round of funding received by Campus Advantage from a major state pension fund. This procurement makes Campus Advantage one of the largest buyers of student housing assets, with more than $675 million in assets. The company also plans to invest a significant amount of capital in The Edge, including the complete renovation of all units.
“We have a lot of acquisitions in the pipeline,” said Michael Orsak, senior vice president of investments for Campus Advantage. “We expect 2016 to be the most active year our company has seen so far.”
