GAINESVILLE, FLA. — The Preiss Company has acquired a 770-bed student housing community serving students of the University of Florida for $36.25 million. The seller was a joint venture between New York-based Glenmont Capital Management and Birmingham, Ala.-based Arlington Properties. Canopy Apartments is located at 4400 SW 20th Ave. in Gainesville. Constructed in 2009, the property features five three-story residential buildings containing a mix of two- through four-bedroom units. Unit amenities include granite countertops, stainless steel appliances and nine-foot ceilings. Community amenities include a resort-style pool with a bar and grilling area, a fitness center, a clubhouse with a gaming area, an indoor basketball court, two sand volleyball courts, a virtual golf course, tanning beds, and a business center. Canopy Apartments was 95 percent occupied at the time of closing. The Holliday Fenoglio Fowler (HFF) team of Brian Kelly and Manny de Zarraga represented the seller. HFF also assisted Preiss in arranging acquisition financing for the property. HFF’s Timothy Joyce, Stephen Skok and Elliott Throne secured a $26.4 million acquisition loan through M&T Realty Capital Corp. The loan carries a 4.5 percent fixed interest rate and a 12-year term.
Source: Real Estate Business Magazine