Gainesville, FL student housing community sells for $66,000 per bed

by   CIJ USA
2018-02-20   15:05
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The Ridge, a Class A student housing community in Gainesville, Fla., has been acquired by Campus First Student Living for $43.9 million. The 661 bed community, on S.W. 24th Ave., traded for just over $66,415 per bed. The firm financed the purchase with a $38.3 million Fannie Mae instrument, secured by Walker & Dunlop. The property features 14 three-story buildings covering 178 units with a mix of two, four and five-bedroom apartments. Common amenities include a swimming pool, coffee bar and attached garage parking. The seller, a joint venture between Chicago-based Oculus Development and a private investor, opened the property during the summer of 2016. Campus First will manage the property and maintain an on-site management office.