Student Housing- 94 Rental Homes for University of Florida & Santa Fe College Students

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Gainsville, Florida- Single Family Student Rental Village – Equity Investment.

 

 

 Off campus student housing is increasing as college campuses continue to grow.  New dormitory housing has become more expensive and many students preferred selecting their roommates and living off-campus when presented with a safe community that gives them the college experience along with the freedom of a single family home for the price of a dorm unit or apartment.

 

 

 

 

 

 

The Opportunity

The Company plans to develop 94 Single Family Student Rental homes in a planned village near the University of Florida and Santa Fe College in Gainesville, Florida.

The project will provide:

  • A significantly low cost basis for detached rental housing
  • A student oriented village with lower density than other attached or high-rise housing
  • Low maintenance expenses
  • Rental friendly plans
  • Tax advantages for investors
  • Significant savings over apartment construction costs
  • Highly desirable off-campus area

The Sponsor is a US based  development company with rental real estate assets in several states. For over 25 years, the management team has successfully been developing residential neighborhoods, rental communities, retail outlets and commercial operations. 

Founder: Frank Nocito has over 30 years in the real estate development industry and his companies have built more than 1,000 residential units and developed and sold thousands of single family and apartment lots. Frank’s His companies have owned multiple apartment and commercial tracts.

 

Financial Highlights

Capital Stack

Debt:

1st Lien     $8,000,000             (80.00%)

Equity:

Sponsor    $400,000                       (4%)

Investors    $1, 601,697                 (16%)

Total Capital: $10,900,825  (100%)

Term: 3 years

Est. Profit: $5,133,828

Profit Split:

Investor (8% preferred return) plus 30% of profit

Investor IRR  30.55%

 Equity multiple 2.01

 

Santa Fe College is a state college located in Gainesville, Florida, and is a member institution of the Florida College System. Santa Fe is accredited by the Florida Department of Education and the Southern Association of Colleges and Schools. Located in North Central Florida, its main campus is in Gainesville, Florida. As of 2015, the school reported 15,887 students.  Each year, hundreds of students transfer from Santa Fe College to the University of Florida. In fact, UF admits more students from SF than from any other Florida state college, and the majority of SF students who apply to UF each semester are admitted. Why are our students so successful? Perhaps it’s due to the small class sizes, rigorous academic environment, personal attention from advisors and faculty, access to UF advisors on our Northwest Campus, and opportunities for meaningful engagement in extracurricular activities

The University of Florida (commonly referred to as Florida or UF) is an American public land-grant, sea-grant, and space-grant research university on a 2,000-acre campus in Gainesville, Florida. It is a senior member of the State University System of Florida and traces its origins to 1853 and has operated continuously on its Gainesville campus since September 1906.

The University of Florida is one of sixty-two elected member institutions of the Association of American Universities (AAU), the association of preeminent North American research universities, and the only AAU member university in Florida. The University is classified as a Research University with Very High Research by the Carnegie Foundation for the Advancement of Teaching. After the Florida state legislature’s creation of performance standards in 2013, the Florida Board of Governors designated the University of Florida as one of the two “preeminent universities” among the twelve universities of the State University System of Florida.[11][12] For 2017, U.S. News & World Report ranked Florida as the fourteenth best public university in the United States.

The university is accredited by the Southern Association of Colleges and Schools (SACS). It is the third largest Florida university by student population, and is the eighth largest single-campus university in the United States with 49,913 students enrolled for the fall 2012 semester. The University of Florida is home to sixteen academic colleges and more than 150 research centers and institutes. It offers multiple graduate professional programs—including business administration, engineering, law, dentistry, medicine, and veterinary medicine—on one contiguous campus, and administers 123 master’s degree programs and seventy-six doctoral degree programs in eighty-seven schools and departments.

The University of Florida’s intercollegiate sports teams, commonly known by their “Florida Gators” nickname, compete in National Collegiate Athletic Association (NCAA) Division I and the Southeastern Conference (SEC). In their 108-year history, the university’s varsity sports teams have won thirty-five national team championships, thirty of which are NCAA titles, and Gator athletes have won 275 individual national championships.

 

For detailed financial information visit:

  1. Financial Dashboard
  2. Gainesville Student Housing IRR SUMMARY

   

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Or for more details contact: Kyle Meyer @ kmeyer@opensourcecap.com for more details.