Student Housing Case Study: Northgate Lakes
Location: Orlando, Florida
University: University of Central Florida
Northgate Lakes is a 710-bed, purpose-built student housing property adjacent to the University of Central Florida campus. Campus Advantage acquired the property in July of 2013. The property 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. Campus Advantage devised a strategic capital plan which focused on addressing deferred maintenance and updating the units, as well as repurposing and refreshing the common area amenities. The upgrades were completed over the course of two academic years and were completed in the summer of 2018. 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.