- 180-Bed newly constructed student housing asset
- Located less than a mile from campus - University of West Florida
- Owned and managed by the original developer
- Providing residents with fully furnished 1-, 2-, and 4-bedroom floor plans
- Immediate Cash Flow Opportunity Projected to 100% Occupancy for 2024-25 with Continued Rent Growth
Rhelm
Rhelm is a 66-unit, 180-bed student housing community less than a half mile to the campus of the University of West Florida in Pensacola. Brand new in 2021, Rhelm features a mix of furnished 1, 2 and 4 bedroom floor plans, all with bed-bath parity. The property boasts a competitive amenity set with a pool, outdoor social lounge, clubhouse, study lounge with conference room and billiard room.
The University of West Florida saw record enrollment for the fourth year in a row totaling 14,343 students including a freshman class that was 41% larger than the year before. While the off-campus student housing competitive set carried a healthy 94% occupancy for 2023-24, Rhelm led the way at 99.4%. The whole market is ahead on pre-lease for next year with Rhelm again leading the way at just under 90% pre-leased for 2024-25. Rhelm is available free and clear or the existing bank financing may be assumed at approximately 60% leverage, fixed rate at 4.45% maturing in 2027.
University of West Florida
The University of West Florida is a public university in Pensacola, Florida, established in 1963 as a member institution of the State University System of Florida. West Florida is a comprehensive research university, a designated space-grant institution, and sits on the third-largest campus in the State University System. The university that began with 1,422 students and only a few buildings is now home to more than 14,000 students set across a 1,600-acre landscape; and West Florida is ranked in the top 10 in the U.S. News’ top public universities in the south category.
In the past five years, the university has seen enrollment growth of more than 10.00% and has received significant investments of $131M on behalf of the Florida state legislature. UWF was named a Purple Star Campus for its commitment to supporting military students and families as they transition to college. UWF was one of the first three universities in the Florida State University System to earn the designation. More than 80% of students are from the state of Florida, and more than 70% of West Florida graduates are employed and earning at least $40,000 within one year of graduation.
