894-Bed Student Housing Asset Trades in Orlando
- Jun 12, 2018
The Retreat at Orlando, a 221-unit student housing community in Orlando, Fla., has changed hands. Inland Private Capital Corp. (IPC), through a subsidiary that serves as asset manager, secured the sale on behalf of a 1031 investment program.
Located at 11037 Retreat Ave., on approximately 37 acres, the 894-bed property offers convenient access to the University of Central Florida (UCF) campus. Additionally, The Retreat at Orlando is 11 miles from the city’s central business district.
The 427,000-square-foot property features two-, three-, four, five- and six-bedroom units, ranging from 1,398 to 16,730 square feet. In-unit features include private bathrooms, gourmet kitchens, spacious closets, washer/dryer and a front porch or back patio. Common-area amenities include:
- fitness center
- basketball, volleyball and tennis courts
- swimming pool
- business center
- golf simulator
- lounge area
- picnic area with barbecue grills
Built in 2014, the campus offers a shuttle service to the UCF campus. According to data provider Yardi Matrix, the community had an average rental rate of $3,276 as of May. IPC President & COO Keith Lampi said that the property “provided consistent income and a substantial profit on sale, resulting in a 10.5 percent average annualized return to investors,” since it was first purchased in 2015.
Images courtesy of Yardi Matrix