Tampa, Fla. — A joint venture between Pierce Education Properties (PEP) and TH Real Estate has acquired 42North, a 420-bed community located near the University of South Florida in Tampa.
The property offers three- and four-bedroom, fully furnished units with bed-to-bath parity. Community amenities include a resort-style pool, lazy hammock garden, indoor gaming area, lighted half court basketball, a 24-hour fitness center and fenced dog park. Prior to fall 2018, the joint venture plans to upgrade kitchens with new cabinets and countertops.
The acquisition was financed with debt provided by KeyBank Real Estate. A joint venture between Campus Advantage and Heitman sold the property. Chris Bancroft, Chris Epp and Meredith Wolff of FourPoint Student Housing Investments represented the seller in the transaction.