Key Takeaways
- • L3 Campus and Declaration Partners Real Estate have formed a joint venture to acquire and develop student housing properties across the United States, with their initial acquisition being a 500+ bed property adjacent to the University of Florida in Gainesville, Florida.
- • The Gainesville acquisition expands L3 Campus's student housing portfolio at the University of Florida to approximately 1,400 beds and brings their combined portfolio to more than 7,000 beds.
- • Greenberg Traurig provided legal representation for both L3 Campus and Declaration Partners in structuring the joint venture and executing the initial acquisition.
- • The partnership strategically positions both firms to pursue additional student housing investments across multiple university markets, leveraging L3 Campus's operational expertise in on-campus adjacent properties and Declaration Partners' capital and investment capabilities.
Summary
L3 Campus and Declaration Partners Real Estate have announced the formation of a joint venture designed to acquire and develop student housing properties across the United States. The partnership marks a significant expansion strategy for both organizations, combining L3 Campus's specialized expertise in operating student housing communities adjacent to university campuses with Declaration Partners' investment and capital deployment capabilities.
The joint venture's inaugural acquisition is a 500+ bed student housing property in Gainesville, Florida, strategically located adjacent to the University of Florida campus. This transaction represents a meaningful expansion of L3 Campus's existing footprint at the University of Florida, bringing their total bed count at that institution to approximately 1,400 units. Across their combined portfolio, the two firms now manage more than 7,000 beds.
Greenberg Traurig served as legal counsel to both L3 Campus and Declaration Partners in structuring the joint venture arrangement and completing the initial Gainesville acquisition. The partnership structure enables both organizations to leverage their respective operational and financial strengths, with L3 Campus contributing its track record in managing on-campus adjacent student housing communities and Declaration Partners contributing flexible investment capital for growth opportunities.
The formation of this joint venture reflects sustained institutional interest in the student housing sector, driven by consistent occupancy demand, relatively stable cash flows, and the premium rental rates commanded by well-located properties adjacent to major universities. The partnership's stated focus on multi-market expansion suggests an intent to scale the platform beyond the initial University of Florida investment.
The joint venture's inaugural acquisition is a 500+ bed student housing property in Gainesville, Florida, strategically located adjacent to the University of Florida campus. This transaction represents a meaningful expansion of L3 Campus's existing footprint at the University of Florida, bringing their total bed count at that institution to approximately 1,400 units. Across their combined portfolio, the two firms now manage more than 7,000 beds.
Greenberg Traurig served as legal counsel to both L3 Campus and Declaration Partners in structuring the joint venture arrangement and completing the initial Gainesville acquisition. The partnership structure enables both organizations to leverage their respective operational and financial strengths, with L3 Campus contributing its track record in managing on-campus adjacent student housing communities and Declaration Partners contributing flexible investment capital for growth opportunities.
The formation of this joint venture reflects sustained institutional interest in the student housing sector, driven by consistent occupancy demand, relatively stable cash flows, and the premium rental rates commanded by well-located properties adjacent to major universities. The partnership's stated focus on multi-market expansion suggests an intent to scale the platform beyond the initial University of Florida investment.
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