Student housing options increase near FAU

The developers of the University Park student housing project in Boca Raton have acquired two nearby rental properties.

Rosemurgy Properties and Giles Capital Group bought Boca Sol and Addison Park, both on Northeast 20th Street. Property records show Boca Sol sold for $8.7 million, while no sales information was listed for Addison Park.

Alex Rosemurgy, head of Rosemurgy Properties, said the two acquisitions increase the developers’ investment in the corridor to more than $100 million, though he declined to offer specifics.

Addison Park, an existing student housing complex consisting of 165 beds, has been renamed University View. Boca Sol, with 123 beds, has been converted to student housing and renamed University Square.

Both properties are less than a mile from University Park, a 598-bed project being built at 135 N.W. 20th St. The three projects are within two miles of Florida Atlantic University’s main campus along Glades Road.

University Park will feature furnished two-, three- and four-bedroom apartments with flat-screen televisions, in-unit washers and dryers and private bathrooms. The complex will be professionally managed.

It’s expected to be ready early next year, with leases starting in May. Beds start at $849 a month.

A free shuttle bus will run from University Park and the other two complexes to the FAU and Palm Beach State College campuses.

While most freshmen choose to live on campus at Florida Atlantic University, sophomores, juniors and seniors often prefer to live off campus but struggle to find accommodations, industry observers say.

“Now there’s finally going to be some relatively affordable student housing,” said Marshall Sklar, a real estate agent in Boca Raton.