The first venture for Park Partners Residential was to fill the demand for student housing in Boca Raton Florida. Previously, students had limited housing choices which were restricted to on campus housing or finding an available unit at a local apartment community or through a private owner.
With this vision in mind University Park was developed on an 11 acre site located at 135 NW 20th street in Boca Raton, less than half a mile from Florida Atlantic University. Previously, the site served as a military base in the 1940’s and later became the location for Monier Tile Company. In April of 2015 the site was developed into a community called University Park and became the first purpose built student housing project in Boca Raton, Florida.
University Park consists of 8 four story buildings with accommodations for 598 beds in 159 units. The fully-furnished 2, 3 and 4 bedroom apartments have modern furnishings, flat screen TV’s, in-unit washer/dryers, kitchen, living area, bedrooms and private bathrooms. University Park offers extensive amenities including a state-of-the-art 13,500 square foot, two-story clubhouse with student lounge and juice bar, 24-hour fitness facilities with a cross fit room and yoga studio, tanning beds, hi-tech video gaming rooms, computer labs, study and conference rooms, and vending areas with student supplies and snacks. Outdoor features incorporate a resort-style pool area with green space for lounging, covered barbecue grills, fire pits, and study hammocks. The community has 1GB internet speed and wireless internet throughout the property, secured indoor bicycle storage, valet waste pick-up, on-site property management, and limited access gated entrance. Free transportation is provided in the form of a private shuttle bus that will transport residents to and from Florida Atlantic University and Palm Beach State College in Boca Raton.
In addition to developing University Park, two other communities within close proximity were purchased and converted to Student Housing.
Boca Sol was purchased in January 2014, re-positioned for student housing and rebranded as University Square. The property, which was built in 1969, consists of five, two-story buildings totaling 90 units with 128 beds. Addison Park was purchased in March 2013 and rebranded as University View. The property includes 55 townhouse units with 165 beds.
The portfolio was successfully leased up and managed by Park Partners Residential and purchased by Raleigh, North Carolina-based The Preiss Co. and an affiliate of Investcorp, a Bahrain-based investment manager for $105 million dollars in January 2016.