GAINESVILLE, Fla., Sept. 15, 2009 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has retained the exclusive listing for The Courtyards, (top left photo) a 91-unit, 375-bedroom, 110,597-square foot student housing community in Gainesville.
The Courtyards’ listing price of $18 million represents $197,802 per unit, $48,000 per bed and $163 per square foot.
The current weighted average rent is $1.69 per foot with all leases running 12 months and backed by parental guarantees.
“The Courtyards is directly across the street from the University of Florida,” notes Jackman, “and leases by-the-bed. This is an opportunity for an investor to own a well-performing asset with the future potential of a mixed-use development opportunity. This is truly irreplaceable real estate that rarely becomes available, given its close proximity to the University of Florida,” adds Jackman.
Located on 3.5 acres at 1231 SW 3rd Ave. in Gainesville, the property consists of two-, four- and five-bedroom flats and townhomes. The unit mix features one two-bed/1.5-bath flat at 980 square feet, one two-bed/one-bath townhome at 965 square feet, eight four-bed/1.5-bath flats at 1,214 square feet, 66 four-bed/1.5-bath townhomes at 1,190 square feet and 15 five-bed/1.5-bath flats at 1,360 square feet.
The Courtyards’ units are fully furnished in modern styles with newly remodeled kitchens, full appliances, tiled dining rooms, oversized living rooms, balconies or patios and all utilities, cable and Internet are included in the monthly rent. Many units overlook a large swimming pool in the center of an enormous courtyard. The University of Florida is the largest university in the state and the fourth largest in the nation. Enrollment is approximately 52,000 students annually.
Press Contact: Stacey Corso, (925) 953-1716
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