Off-campus USF housing sells for less

TAMPA — Off-campus housing near the University of South Florida's main campus has changed hands for a price less than it sold for a decade ago.

Collegiate Hall Apartments, located at 2919 Network Place near the intersection of Bearss Avenue and Bruce B. Downs Boulevard, was sold Monday for $16 million, or $88,900 per unit. That was less than the $16.6 million, or $92,200 per unit, the complex sold for in 2005.

Although Collegiate Hall has 180 units, its structure is a little more complicated, as renters typically lease one bedroom in each unit, coming out into a common area. Collegiate Hall, for example, has 560 rooms, averaging three rooms for each unit.

A subsidiary of Fowler Property Acquisitions of Newport Beach, Calif., was the buyer this time around, along with two investors from Morristown, N.J., according to documents filed with Hillsborough County. Fowler has more than 100 properties nationwide.

The complex was built in 2000, and bought five years later by affiliates of Klingbeil Capital Management in San Francisco. That company is led by James Klingbeil, who also is board chairman for the much larger multifamily developer and manager, UDR Inc., in Colorado — a position he's held since 2010.

UDR has more than $8.3 billion in assets, and reported a profit of $76.4 million on revenue of $219.8 million in the most recent quarter ended March 31, according to filings with the U.S. Securities and Exchange Commission.

Klingbeil Capital has acquired $2 billion worth of multifamily complexes over the last 20 years, according to its website.