By Robert Demeter
Florida provides an excellent environment for higher-education. The Sunshine State is home to a variety of both public and private colleges, including top-ranked universities such as the University of Florida, University of Miami and Florida State University. Approximately half a million students attend college or university here, so demand for off-campus housing is always high. Using Yardi Matrix’s Advanced Property Search feature, here is a top five list of the largest student housing communities in the state. Search perimeters included region and household selection. The properties are scattered across the entire peninsula in markets such as Orlando, North Central Florida and Tallahassee.
1. Knights Circle, 744 Units
Located at 12440 Golden Knight Circle in Orlando’s University Park submarket, this community is owned by American Campus Communities. Built in 1998, Knights Circle consists of two-, three- and four-bedroom options averaging 1,266 square feet. Amenities include a fitness and business center, clubhouse, tennis, volleyball and basketball courts, three swimming pools and two spas. The property has a total of 500 parking spaces and features controlled access. Average rents equate to $2,349 per month.
2. Campus Park at Tenn Street, 624 Units
Built in 2002 on an 18-acre site in Tallahassee at 600 Dixie Drive, Campus Park at Tenn Street comprises 1,760-square-foot four-bedroom/four-bath apartments with private patios or balconies. Property amenities include fitness and business center, volleyball and basketball courts, a clubhouse, swimming pool and spa, and 975 parking stalls. M&A Real Estate Partners acquired the asset in 2012 for $18.3 million with a $13.5 million CMBS loan provided by Wells Fargo Bank. Average monthly rents rest at $1,659.
3. The Marquee, 507 Units
Also situated in Orlando’s University Park submarket, at 3603 Aristotle Ave., The Marquee is a proposed LEED Silver Certified student housing community. Built in two phases in 2010 and 2011 and acquired by Harrison Street at the end of 2011 for $84 million, the property features one- to four-bedroom residences averaging 1,086 square feet. The amenity package includes business and fitness center, clubhouse, volleyball court, four swimming pools and 745 parking spaces, including covered parking. The monthly average rent is $2,142.
4. Cabana Beach, 504 Units
Located in the North Central Florida market in Gainesville at 1601 SW 51st Terrace, Cabana Beach encompasses two- and four-bedroom units. The community boasts a fitness and business center, volleyball and basketball courts, a swimming pool, clubhouse and 1060 parking spaces. The asset traded in 2015 for roughly $38 million, and is currently owned by Starwood Capital Group and managed by Asset Campus Housing.
5. Seminole Grand, 487 Units
The smallest of the bunch, Seminole Grand is an off campus community located in Tallahassee at 1505 West Tharpe St. Acquired by Madison International Realty in 2011, the property features two-, three- and four-bedroom options, as well as one penthouse. Amenities include a fitness and business center, clubhouse, tennis and volleyball court, swimming pool and covered parking. Seminole Grand is managed by Collier Cos. and monthly rents sit at $1,275.
Images via Yardi Matrix