Gainesville, Fla. — Developer purchased the asset with plans to redevelop it into a mixed-use student housing property.
The Courtyards in Gainesville.Gainesville, Fla. — The Colliers International Student Housing group has closed the sale of The Courtyards in Gainesville, a student housing property located directly across the street from the University of Florida campus, for $18 million. According to CA Student Living, the buyer is Fields Holdings. CA Student Living is developing a separate retail/housing property across the street from The Courtyards with Fields as its joint venture partner.
The 110,597-square-foot, gated student housing community has 91 units and 375 beds. A student housing developer purchased the complex with plans for redevelopment and renovation, to include a mixed-use component with retail, podium garage and additional purpose-built student housing units. The surface parking lots are being developed as a joint venture between CA Student Living and Fields Holdings.
Dorothy Jackman and Travis Prince, managing directors of the Colliers International Student Housing Group, represented the buyer in the transaction. Michael Ryals and Dan Drotos with Bosshardt Realty Services in Gainesville represented the seller.
“More and more developers are seeking both existing assets and land located within close proximity to major university markets,” Jackman says. “This vintage apartment complex offers an excellent location, right across from the University of Florida, a Tier 1 market for student housing, making it an appealing fit for the buyer.”