Jacksonville, Fla. — W. P. Carey Inc. and its managed REIT CPA:17 – Global have acquired a 70,000-square-foot, newly constructed student residence hall in Jacksonville, Florida, on the campus of Jacksonville University for approximately $18 million.
Completed in 2015, the four-story, three-wing North Hall serves as the primary housing option for all first-year students. The 274-bed residence hall is the first new freshman dormitory at the university since 1968 and incorporates high-tech amenities including fiber optic communications, enhanced performance wiring and cell phone range extenders.
The hall is 100 percent occupied and part of the first stage of a multi-phase development plan for the riverfront property adjacent to the university.
The seller was Rimrock Devlin Development, a developer based in Lake City, Florida. The triple-net lease has nearly 20 years remaining and includes fixed rental escalations.