February 10, 2021 9:00 AM
Newmark announces the sale of Mercury 3100, a 228-unit, 840-bed value-add, student housing asset, located within walking distance to the University of Central Florida and to many of the most popular dining and entertainment venues.
Newmark Vice Chairman and head of the Student Housing Group Ryan Lang and Associate Director Jack Brett, in cooperation with Senior Managing Director Scott Ramey, represented the seller, Investcorp, a global real estate investment manager, based out of New York and London. Transaction Manager Ben Harkrider provided crucial support to assist on the transaction. The asset traded to New York-based Blackstone Real Estate Services, an investment firm, for an undisclosed price.
“Mercury 3100 is prime for continued value-add repositioning at one of the nation’s largest universities. Blackstone seamlessly executed on an expedited timeline, continuing to prove out the industry’s flight to quality assets and submarkets,” said Lang.
Mercury 3100 offers modern, unrivaled amenities that cater to the full spectrum of student needs including a sun deck, resort-style pool, basketball court, 24-hour fitness gym and a computer center.
The University of Central Florida boasts an enrollment of over 71,948 students for Fall 2020, making it the largest university by enrollment in Florida and one of the largest universities in the nation.
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate services, with a comprehensive suite of investor/owner and occupier services and products. Our integrated platform seamlessly powers every phase of owning or occupying a property. Our services are tailored to every type of client, from owners to occupiers, investors to founders, growing startups to leading companies. Harnessing the power of data, technology, and industry expertise, we bring ingenuity to every exchange, and imagination to every space. Together with London-based partner Knight Frank and independently owned offices, our 18,800 professionals operate from approximately 500 offices around the world, delivering a global perspective and a nimble approach. In 2019, Newmark generated revenues in excess of $2.2 billion. To learn more, visit nmrk.com or follow @newmark.
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