Northgate Lakes
Location: Orlando, Florida
University: University of Central Florida
100%
Year-over-year occupancy
10.5%
Rent Growth over 2 years
10%
Increase in Resident Retention
40%
Resident Retention Rate
THE CHALLENGE
Northgate Lakes is a 710-bed, purpose-built student housing community adjacent to the University of Central Florida campus. Campus Advantage acquired the community in July 2013. The community had historically performed at the top of the market for occupancy due to its premier location but rented at a discount to competitors due to the amenities and exterior being older and in need of enhancement.
THE SOLUTION
Campus Advantage devised a strategic capital plan that focused on addressing deferred maintenance and updating the apartments, as well as repurposing and refreshing the common area amenities. Over the course of two academic years, the upgrades were completed in summer 2018.
THE RESULT
Following these strategic upgrades, Northgate Lakes saw a 10.5% rent growth over a two-year period, maintained 100% occupancy year over year, and increased resident retention by 10%, reaching a 40% retention rate.
