GAINESVILLE, FL—Canopy Apartments, a 240-unit student housing community serving the University of Florida in Gainesville, has hit the market. The class A student housing facility offers 770 beds.
HFF is marketing the property on behalf of the seller, a joint venture between Glenmont Capital Management and Arlington Properties. No formal asking price has been set. The student housing property is free and clear of existing debt.
“The sale is consistent with the partnership’s original investment horizon,” HFF managing director Brian Kelly tells GlobeSt.com. “The class A student housing community is currently 98% occupied and is expected to draw interest from institutional investors seeking core opportunities in tier one university markets. “
Canopy Apartments is located at 4400 SW 20th Avenue near the intersection of SW 43rd Street in Gainesville. Completed in 2009, the student housing property includes five three-story residential buildings with two-, three- and four-bedroom floor plans.
Each unit has granite countertops, stainless steel appliances, nine-foot ceilings, full-size washers and dryers, 42-inch plasma televisions and private bathrooms for each bedroom. Community amenities include a resort-style pool, bar and grilling area, fitness center, clubhouse with gaming area, indoor basketball court, sand volleyball court, virtual golf course, tanning beds, and cyber center.
The HFF investment sales team representing the seller is led by Kelly, managing director Troy Manson, and senior managing director Manny de Zárraga.