Insights > Deals
Nonprofit buyer takes FIU‑linked Lapis residence for US$168.5 million
14 October 2026 | Asset acquisition | US | 1,086 beds | Operational
The acquisition is backed by a US$193.85 million bond issue and a new student‑housing agreement with Florida International University.
Key details
Asset type | Operational |
Location | Sweetwater, US |
Capacity | 1,086 beds |
Buyer | AHPC LAPIS LLC |
Seller 1 | Global City Development |
Seller 2 | RER Ventures |
Seller 3 | Toll Brothers |
Value | $168.5 million |
AHPC LAPIS LLC, owned by nonprofit The Affordable Housing Preservation Corporation, bought the 293‑apartment community from the sellers' joint venture, 7th Terrace Property Owner LLC. Lapis has maintained occupancy above 96% since opening in 2023.
The Public Finance Authority issued tax‑exempt and taxable bonds and lent the proceeds to the buyer, funding the purchase, reserves and issuance costs. A payment‑in‑lieu‑of‑taxes agreement was also reached with the City of Sweetwater.
Strategic context
The sale moves a privately developed student residence into nonprofit ownership with a formal university connection. FIU will market the property and its students will receive leasing priority, giving the operator a direct route to its principal student catchment. Once the bonds are fully repaid, FIU or its designee can take ownership at no cost.
For investors, the structure shows how an established, high‑occupancy residence can support a university‑aligned exit for its developers without requiring the university to fund an immediate purchase.
SUBSCRIBE TO STUDENT HOUSING INSIDER
Stay close to the student housing market
Subscribe to Student Housing Insider for a weekly update on student housing transactions, development pipeline, market trends and selected BONARD analysis.
Designed for investors, developers, operators, lenders and market participants tracking the student housing sector.