Student-Oriented Apartments Near UM Fetching $3.95/SF Rents
The average price per square foot for rent in Florida is $1.31, according to Apartment List. But in Miami, a boutique co-living venture geared toward students is getting as much as $3.95/SF.
Orduna Court, at 800 South Dixie Highway, is a 24-unit co-living property within walking distance of the University of Miami. Here, furnished units are rented by the bed. Leases can be for 10 or 12 months, and roommate matching is possible. Rents at the property range from $2,950 to $3,500 for two bedrooms and two bathrooms, $3,500 to $3,900 for three bedrooms and two bathrooms, and $4,500 to $5K for a two-story penthouse.
Colliers Vice President Mitash Kripalani said that at about $3.95 per SF, these are among the highest rents in Miami, achievable because of the combination of location, luxury amenities and flexibility. Orduna Court's five-story building was renovated this year by Location Ventures and includes a pool, bike storage, lockers, covered parking and smart home technology. The property is fully leased.
”Instead of automatically choosing the least expensive option, students are increasingly seeking and placing value on elements like community, walkability, safety, flexibility and amenities,” Kripalani said in a statement.
Colliers’ Executive Vice President Gerard Yetming — who has the property listed for sale on LoopNet — said in a statement, "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.”
Orduna Court assembled 24 condo units into one project, according to Colliers' website for the property. "New ownership will have the option to terminate the association, or leave it in its present legal definition," the website states. "This provides the flexibility to potentially resell individual units as independent income producing assets."
