Pedestrian to the top-ranked, Power 4, University of Florida in Gainesville, FL, the recently renovated On20 is a value-add, purpose-built student housing community with 396 units and 1,044 beds. The property is currently 96 percent occupied and already 56 percent preleased for the 2025-26 school year.
On20 represents a tremendous opportunity to acquire a strong-performing, value-add student housing property near the top-ranked University of Florida in Gainesville, FL.
Since acquiring the property in January 2023, current ownership has executed $7.4M in unit and community upgrades to the property, adding new appliances, countertops, cabinets and flooring, repainting all buildings, replacing roofs, adding a new outdoor fitness area, “green investment” LED lighting throughout the property, and a $1.5M clubhouse renovation.
Following renovations, ownership was able to achieve 17 percent rent growth in Fall 2023 and achieved 12 percent rent growth for Fall 2024, while maintaining a $100-$300 per bed discount to the newer, fully renovated properties in the market.
Opportunity remains for the next owner to renovate the remaining 145 standard units (36 percent of total units) by improving cabinetry, countertops, sinks, lighting, and plumbing fixtures, with potential to increase rents and returns through strategic renovations and operational improvements.