Pierce Education Properties (PEP), L.P., a Top 15 national owner and operator of student housing, today announces the purchase of The Pavilion on 62nd - a premier off-campus student housing community serving students at University of Florida and Santa Fe College. The acquisition was completed on May 23, 2016 with debt financing provided by KeyBank Real Estate.
The Pavilion on 62nd is a 990-bed, 312-unit community located just west of the University of Florida's Gainesville campus, with a direct bus route to the University of Florida and Santa Fe College campuses. This state-of-the-art, garden-style, gated, fully-furnished community features spacious two, three, and four bedroom units, each with bed-to-bath parity, full-size appliances including washers and dryers, balconies, and large, peaceful green spaces. Community amenities include two resort-style pools, 24-hour state-of-the-art fitness center, outdoor basketball court, upgraded game room, and high speed wireless internet.
University of Florida has called Gainesville home since 1906, and is a senior member of the State University System of Florida. The U.S. News & World Report ranked University of Florida the 14th best public university in the United States. Being the seventh largest single-campus university in the U.S. University enrollment has grown 5.4% over the past four years to reach approximately 52,300 students. Santa Fe College adds another 15,281 students to the market. The University of Florida currently has over 9,600 beds and 28 residence halls on campus, although there is no freshmen residency requirement. The University of Florida Gators compete in the NCAA Division I (FSB) and the Southeastern Conference (SEC). The SEC boasts 35 team and 275 individual national championships.
"Our acquisition of The Pavilion on 62nd further expands our reach in the Southeast Region, where we already own student housing at University of South Carolina, Georgia Tech, Western Kentucky University, East Carolina University, and West Virginia University," said PEP President & CEO Frederick W. Pierce. "University of Florida becomes our second location in the Southeastern Conference where we would very much like to expand our footprint."