JV Acquires 1,115-Bed FL Student Housing
- Feb 22, 2018
A joint venture of Coastal Ridge Real Estate and H. Katz Capital has acquired Campus Lodge, a 360-unit, 1,115-bed student housing development in Gainesville, Fla., from EdR.
“Coastal Ridge is focused on opportunities that utilize our team’s capability to create value, both operationally and through light capital improvement plans,” Patrick McBride, Coastal Ridge Real Estate managing partner, told MHN. “This asset was a perfect fit.”
The company bought a sister property, Campus Lodge in Lutz, back in 2016 and immediately created substantial value by removing utility allowances, upgrading unit finishes and investing in property amenities.
“The business plan for this new asset is materially the same, and given the success our team has already had executing it, the opportunity was a no-brainer,” McBride said.
Located at 2800 SW Williston Road, the property offers 109 two-bedroom units, 107 three-bedroom units and 144 four-bedroom units, with rents ranging from $1,206 to $2,052. All units are fully furnished and feature a private washer and dryer, full kitchen and screened porch with storage.
“The property feels more like a resort than an apartment community and has one of the largest pools in Gainesville,” McBride said. “Other amenities include a chalet-style clubhouse, sand volleyball and basketball courts, fitness center, study and meeting rooms, tanning lounge, computer lab with printing services, car wash and access to local bus routes.”
The property has a prime location near the University of Florida and downtown Gainesville, with several local shops, restaurants, grocery stores and entertainment options located within walking distance. Students can also ride the Gainesville RTS bus free of charge.
Campus Lodge was originally built in 2000, and the joint venture anticipates investing in both the unit finishes and property amenities.
“Campus Lodge is an excited value add investment opportunity for our team in the fifth-largest single college campus in the United States with 52,000 students enrolled,” McBride said. “The community has tremendous upside that will be driven by our capital improvement plans, which we expect will better position the property to meet the current demand for premier student housing living.”
The deal marks the 19th joint venture purchase between Coastal Ridge and H. Katz Capital, and combined, the partnership owns and operates student housing and multifamily apartments valued at $796 million throughout the U.S.
The community is 100 percent leased for the 2017-2018 school year.