CAMPUS FIRST EXPANDS INTO FLORIDA WITH THE ACQUISITION OF THE RIDGE, A CLASS A+ STUDENT HOUSING IN GAINESVILLE, FL
Campus First extends footprint to Florida market with the addition of The Ridge in Gainesville, FL.
GAINESVILLE, FL. FEBRUARY 9, 2018
Campus First Student Living and CF Real Estate Services LLC, today announced the acquisition of The Ridge, a 661-bed student living community located less than 1 mile from the University of Florida. This is just the latest addition to the rapidly growing student housing firm. Campus First focuses on student housing acquisitions, development, and property management. The addition of this student housing project brings Campus First’s student portfolio to just over 6,000 beds. The property is located in Gainesville, Florida, within walking distance to the University of Florida, and the new Celebration Pointe and expanded Butler Plaza retail centers.
“The addition of The Ridge to our Campus First portfolio furthers our investment strategy of adding well-located student assets in growth markets,” states CF Real Estate Services CEO, Brett Finkelstein.
The Ridge is a premier student property that offers both 2 bedroom/bath apartments and a 4 and 5 bedroom townhome product with large floor plans, garages, granite countertops, stainless steel appliances, subway tile backsplashes, and bed/bath parity. The Ridge was constructed in 2015/2016, with the first units delivered in August 2016. This trophy property has a total of 178 units with 661 beds. The Ridge is unparalleled in the Gainesville market with its first-class amenities, including a 3-room fitness center, large clubhouse, and several study lounges. Outdoor amenities include a massive beach entry pool, 1000+ person pool deck, 25 person hot tub, 20 foot Jumbotron, and the only lazy river in the Gainesville market.
Campus First is a boutique style acquisition/development and property management firm that focuses on purpose built student housing. Campus First is a division of parent company, CF Real Estate Services, headquartered in Atlanta, GA. Campus First currently owns or manages 6,000+ student beds, while CF Real Estate Services currently owns or manages 25,000 market rate and workforce housing units located throughout the Southeast, Southwest, and Mid-Atlantic regions of the United States.
Renovations and value-add improvements for The Ridge are valued at more than $700,000 and are scheduled to begin prior to the 2018/2019 school year. Property renovations will include improvements to the clubhouse and the build-out of new private study areas. Within the fitness center, there are plans to add additional fitness equipment, Fitness on Demand™, and a yoga studio. Within the pool area, there will be new fire pits and game areas. Ownership also plans to upgrade the dog park.
“We are eager to introduce our boutique style management to the Gainesville market. Campus First Student Living will present students an opportunity for an elevated off-campus living experience that they will not receive elsewhere.” states Christopher Feeley, President of Campus First.