Colliers International markets South Dixie Highway property achieving some of the highest rents in Miami
Miami, FL, September 3, 2018 – “Student housing” has long been associated with mundane or outdated co-living options, but a boutique South Dixie Highway property being marketed by Colliers International South Florida is leveraging emerging student housing trends to deliver value for both student tenants and prospective investors of the property. Located at 800 S. Dixie Highway, Orduna Court is a modern, boutique 24-unit co-living property within walking distance of the University of Miami. The furnished and renovated units, rented by the bed to University of Miami students, are achieving rents as high as $3.95 per square foot, signaling an increased demand for upgraded student housing options and flexible co-living arrangements.
“Orduna Court provides a modern and safe living community, which caters to the wants and needs of UM students, new graduates and young career professionals,” said Colliers’ Executive Vice President Gerard Yetming, who is marketing the property with colleagues Mitash Kripalani, Marcos Puente and Julian Zuniga. “But from an investor standpoint, the property presents the unique opportunity to capitalize on above-market rental income by implementing a furnished, co-living rent-by-the-bed business plan. It delivers the flexibility students are typically seeking with short- and long-term rentals while driving rental income value for the owner.”
The five-story, 25,500 square foot building was constructed in 1982 and recently renovated and modernized by South Florida developer Location Ventures. With the goal to enhance the student housing and co-living experience, the design team focused on building out a program that included smart room layouts, SMART home technology in all units for access at the touch of a button, sleek furnished unit packages, and a refresh of onsite amenities including a resort-style pool.
Location Ventures CEO and founder Rishi Kapoor notes, “As a company our philosophy is to provide unparalleled living experiences that are thoughtfully planned and fully integrated. At Orduna Court that meant a full refresh of all the units, using designer finishes, updating the pool, installing the latest home tech and security, and increasing the foliage on the property.”
The resulting finish at 800 S. Dixie Highway includes amenities, such as a resort-style swimming pool, storage lockers, and bike racks. The property is made up of 2- and 3-bedroom apartments averaging 1,142 square feet per unit and has one ground level of covered, secure parking with 42 surface parking spaces and t
“Orduna Court represents a massive shift in the industry and the way we think about student housing,” noted Colliers Vice President Mitash Kripalani. “Instead of automatically choosing the least expensive option, students are increasingly seeking and placing value on elements like community, walkability, safety, flexibility and amenities. Investors are adjusting course to meet these needs.”
Since completing the refresh, Orduna Court has attracted discerning University of Miami students and young professionals interested in living in the heart of Coral Gables in modern surroundings. “Today’s renters are looking for more than just an apartment, they want a living experience that is built for their lifestyle and enhances it,” says Kapoor.
Set in the heart of Coral Gables, the location of the building is an amenity itself. Orduna Court is located directly on US-1 and walking distance to the University Metrorail station and the University of Miami. It is a seven minute train ride from Brickell’s financial district and in close proximity to popular student neighborhoods, such as Coconut Grove, Downtown Dadeland, Coral Gables, Kendall, Downtown Miami and more.
“As we see millennials ditching car ownership for alternate methods of transportation – public transit, biking, ride-sharing – the proximity and ease of access to work and play destinations is becoming increasingly important for successful multifamily development,” added Yetming.
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About Colliers International Group
Colliers International Group Inc. (NASDAQ: CIGI) (TSX: CIGI) is top tier global real estate services and investment management company operating in 69 countries with a workforce of more than 13,000 professionals. Colliers is the fastest-growing publicly listed global real estate services and investment management company, with 2017 corporate revenues of $2.3 billion ($2.7 billion including affiliates). With an enterprising culture and significant employee ownership and control, Colliers professionals provide a full range of services to real estate occupiers, owners and investors worldwide, and through its investment management services platform, has more than $20 billion of assets under management from the world’s most respected institutional real estate investors.
Colliers professionals think differently, share great ideas and offer thoughtful and innovative advice to accelerate the success of its clients. Colliers has been ranked among the top 100 global outsourcing firms by the International Association of Outsourcing Professionals for 13 consecutive years, more than any other real estate services firm. Colliers is ranked the number one property manager in the world by Commercial Property Executive for two years in a row.
Colliers is led by an experienced leadership team with significant equity ownership and a proven record of delivering more than 20% annualized returns for shareholders, over more than 20 years.
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About Location Ventures
Location Ventures is an integrated real estate platform that provides comprehensive investment, development, management, marketing and sales for residential and mixed-use properties in the South Florida market and beyond. Our philosophy is to invest in one-of-a-kind living experiences that make the highest and best use of unique development locations.
For further information, please contact:
Paola Iuspa-Abbott on behalf of Colliers International South Florida
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