Campus First Grabs FL Student Community
The recently opened Class A property, located within one mile of University of Florida and numerous retail options, traded for $43.9 million.
By Jeff Hamann
The Ridge in Gainesville, Fla.
Campus First Student Living has purchased The Ridge, a Class A, 661-bed student housing community in Gainesville, Fla., for $43.9 million. The firm financed its acquisition with a $38.3 million Fannie Mae loan, secured by Walker & Dunlop, according to Alachua County records. The seller, a joint venture between Chicago-based Oculus Development and a private investor, opened the property during the summer of 2016.
The community’s 14 three-story buildings includes a 178-unit mix of two-, four- and five-bedroom apartments, ranging in size from 750 to 3,100 square feet. Campus First will manage the property and maintain an on-site management office. Resident amenities include:
- resort-style swimming pool
- complimentary Wi-Fi
- fitness center
- tanning beds
- coffee bar
- attached garage parking for most units
Off-campus, accessible location
Located at 3718 S.W. 24th Ave., The Ridge is situated next to one of Gainesville’s light rail stations, providing convenient access to the University of Florida’s campus, one mile away. A variety of big-box retail centers fall within a ten-minute walk of the property, with stores including Lowe’s, WalMart, Best Buy and Trader Joe’s. Several parks are also in the local area, including the 200-acre Clear Lake Nature Park, half a mile to the north.
Image via Google Street View
