Downtown Tampa student housing tower sells for $21.8M

A 12-story student housing tower four blocks from the University of Tampa has sold for $21.8 million, nearly five times its 2017 purchase price.

The property at 210 and 220 E. Madison St. closed Feb. 11, according to Hillsborough County records. Urban Core Holdings II, LLC sold the building to 220 E Madison LLC.

County records classify the 48-unit building as student housing. It last traded in August 2017 for $4.6 million.

Built in 1962, the tower contains about 76,880 square feet of heated space. The sale price equates to roughly $454,000 per unit and about $283 per heated square foot.

The property operates as fully furnished student housing and markets primarily to University of Tampa students. Leasing materials advertise units for Fall 2026, with two-bedroom floor plans starting at $1,479 per bedroom per month, plus a $179 monthly utilities and amenities package.

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The sale comes as the University of Tampa continues to post record enrollment. For the 2025-2026 academic year, the university reported total enrollment of 11,500 students, the largest in its history, after receiving more than 43,000 applications for an incoming undergraduate class of 3,400.

University officials have said many graduates remain in the urban core after completing their degrees, adding to downtown’s residential base.

The tower sits on a retail-heavy downtown block that includes a CVS, Pita’s Republic and a UPS access point, along with multiple restaurants and service businesses along Madison and Franklin streets.

Permit filings show renovation and life-safety upgrades in recent years, including work in 2018, 2019 and 2020.

The buyer is listed as a Florida limited liability company with a mailing address in Berryville, Virginia. Public records do not disclose financing details or future plans for the property.

The nearly fivefold increase since 2017 illustrates how sharply downtown Tampa property values have risen, particularly for income-producing assets within walking distance of campus and daily retail.