Franklin Street, a national, full-service commercial real estate firm headquartered in Tampa, announces the launch of its student housing investment specialty, a new division of its Institutional Services Group that tailors to institutional and high-net-worth investors.
The addition is made possible by the acquisition of a Cincinnati-based student housing investment sales team from Marcus & Millichap, a California-based real estate advisory firm. Comprised of eight real estate professionals, the student housing team brings over six decades of combined, commercial transaction expertise that has brokered nearly $2.5 billion of sales involving over 600 commercial properties in 26 states.
“This is an important day for Franklin Street, and we are fortunate to add this exceptional team to usher us into the student housing market,” says Gregory Matus, senior vice president, Investment Services Group, Franklin Street. “We’re known throughout the industry for tapping the best of the best to lead our divisions, as has been the case with our self-storage and multifamily teams. This group’s impressive track record within the student housing sector, combined with our robust platform, will build trust among large, institutional and high-wealth investors, owners and operators.” This is Franklin Street’s largest team acquisition since the firm’s inception in 2006.
The student housing team will focus on institutional transactions over $25 million, while also targeting vital student housing assets near campuses across the country. The team expects to close over $1 billion of student housing transactions over the next several years. The addition of the Cincinnati-based team marks Franklin Street’s entry into its 10th market, expanding the firm’s footprint to seven states.
“We have ambitious goals, but we see opportunity in the current market and, with Franklin Street’s dynamic platform, we’re confident we’ll find success together,” says Patrick Mullowney, senior director, Student Housing Investment Sales, Franklin Street. “An important part of this nationwide growth is our team’s unwavering commitment to seeking innovative strategies and best practices for our investment partners.”
Within the past month, the team joining Franklin Street completed two student housing transactions totaling over $125 million:
● Lexington Crossing near the University of Florida in Gainesville, Florida
● Garden Village near the University of California, Berkeley, California
“By focusing on institutional transactions and student housing located near campuses, we aim to deliver exceptional value to investors, owners and operators, while meeting the diverse needs of the student housing industry,” says Joel Dumes, managing director, Student Housing Investment Sales, Franklin Street. “Whether it’s debt or equity, management or development, insurance services or simply brokerage, we are now able to create a one-stop shop for our clients and provide the best real estate solutions possible in this highly competitive landscape.”
The student housing industry is fundamentally sound. Not only has it historically experienced year-over-year rent growth at near fully occupied levels, but post-pandemic demand remains incredibly high. Today, many universities are experiencing record-high applications while challenged by a shortage of off-campus housing options, resulting in increased demand for non-university-owned residential properties in close proximity to campuses. According to College House, as of September, the average rent per bed is at an all-time high of $970, more than five percent above 2023. The national pre-lease rate was 93 percent at the end of the 2024-25 pre-lease cycle, and as high as 99 percent in 35 key markets.
Founded in 2006 during one of the toughest real estate climates, Franklin Street focused on delivering value-added solutions to meet the evolving needs of clients. Through a collaborative philosophy of leveraging the resources, expertise, and experience of each of its lines of business, Franklin Street has grown to include seven business divisions – Investment Sales, Tenant and Landlord Representation, Capital Advisory, Insurance, Property Management and Project Management. Franklin Street offers unmatched value and optimal solutions for clients nationwide. Headquartered in Tampa, Fla., the firm has teams located in top markets throughout the country and works with owners and occupiers of commercial real estate nationwide.
