Treo Group landed $132 million in refinancing for its student housing projects near the University of Miami’s Coral Gables campus.
Miami-based Ocean Bank provided the financing for the projects, dubbed Vox I and II, according to a press release. The two-building complex at 7025 and 7175 Southwest 59th Avenue (formerly 5949 Southwest 72nd Street) in South Miami is adjacent to the South Miami Metrorail station and Underline Park.
The complex totals 262 units with 726 beds, as well as pools, fitness facilities and study lounges, and 15,700 square feet of retail. Units span one to four bedrooms. Treo completed the first VOX building with 99 units and 326 beds in 2021. Last year, the firm landed $53 million in construction financing from FirstBank Florida and Abanca for its second phase. Phase two was completed in August, and the buildings are now fully leased, a spokesperson confirmed.
VOX’s website shows rents for a one-bedroom unit start at $2,899 for the school year starting in August 2026.
Miami-based Treo is led by Otto Boudet-Murias, Rolando Delgado, Eduardo Garcia and Carlos Ortega. Treo is leasing the 6.2-acre development site from Miami-Dade County. It launched the project in 2020 with an initial $33.25 million construction loan from Centennial Bank.
Student housing has emerged as a favorite asset class among real estate investors for its strong rent growth, stable demand and perceived recession resistance. Buildings are rented on a per-bed basis rather than per-unit. Last year, Chicago-based Harrison Street Capital Partners closed a $2.5 billion investment fund for student housing, senior housing and data centers. Blackstone landed a $1 billion refinancing deal for part of its student housing portfolio last year.
In South Florida, hundreds of units are in the pipeline for projects that target University of Miami students. Capstone Collegiate Communities and Alta Development are partnering on a 16-story, 189-unit luxury student housing project, which is set to open in 2028.
