L3 Campus and Declaration Partners team up on student housing

L3 Campus and Declaration Partners have formed a partnership to invest in student housing across the U.S., starting with a 500-plus-bed acquisition near the University of Florida. The deal expands L3 Campus’s UF portfolio to nearly 1,400 beds and lifts its national footprint to more than 7,000 beds.

Why it matters: - Demand for quality off-campus housing at major public universities is pushing new capital into student housing. - The partnership gives L3 Campus a capital partner to scale its investment strategy without giving up its focus on campus-adjacent locations. - The University of Florida deal adds another large foothold in one of the country’s most competitive student housing markets.

What happened: - L3 Campus and Declaration Partners announced a partnership to invest in student housing across the U.S. - The firms made their first joint investment at the University of Florida. - The property has more than 500 beds and sits adjacent to the University of Florida. - L3 Campus will asset manage the property. - The transaction was an off-market deal. - Equity came from Declaration Partners Real Estate Fund II LP, a roughly $303 million fund, plus high-net-worth investors and family offices. - Terms of the transaction were not disclosed.

The details: - The investment brings L3 Campus’s student housing portfolio at the University of Florida to nearly 1,400 beds. - L3 Campus now has more than 7,000 beds nationally. - L3 Campus says its portfolio is worth more than $1 billion. - Declaration Partners’ real estate and private investments platform is backing the expansion. - Todd S. Rich, Declaration Partners’ co-founder and head of real estate, said the firm is leaning into demand for quality off-campus student housing. - David Salmanson, founder and CEO of L3 Campus, said the partnership should accelerate the company’s student housing investment strategy. - Matthew Cohen, a partner in Declaration’s real estate group, said the University of Florida is among the most compelling student housing markets in the country. - The University of Florida has 57,000-plus enrolled students. - The university received more than 91,000 applications for Fall 2025. - The school’s acceptance rate is 20%. - Florida’s Bright Futures Scholarship Program can make in-state tuition even more affordable.

Between the lines: - The deal fits a broader trend of investors targeting student housing near large public universities with strong enrollment and application pressure. - Declaration is positioning itself as a long-term capital partner for operators that want to grow without sacrificing location quality. - L3 Campus is emphasizing pedestrian-to-campus properties at Power Four schools, signaling a focus on durable demand rather than pure portfolio expansion.

What's next: - L3 Campus and Declaration Partners plan to keep investing in student housing across the U.S. - L3 Campus is likely to use the partnership to add more campus-adjacent assets in major student markets. - The firms did not disclose additional acquisitions or timing for future deals.

The bottom line: - The partnership gives L3 Campus fresh capital and a new institutional backer as it scales a student housing platform built around prime university locations. - More information