Courtesy Colliers

A new, 24-unit boutique student housing project in Florida is a hit with University of Miami students.

Orduna Court, located on South Dixie Highway within walking distance of campus, was recently renovated by South Florida developer Location Ventures to bring the property up to speed with today's more luxurious student housing communities.

The five-story, 25,500-square-foot building features co-living–style leases by bed for furnished units, which include smart-home technology and security, plus a resort-style pool, storage lockers, and bike racks. The units range from two to three beds and average 1,142 square feet each.

The units are achieving rents as high as $3.95 per square foot, which Colliers notes is high for this market.

“Orduna Court provides a modern and safe living community that caters to the wants and needs of UM students, new graduates, and young career professionals,” said Colliers International South Florida executive vice president Gerard Yetming, who is marketing the property with colleagues Mitash Kripalani and Julian Zuniga, in a statement. “But 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. It delivers the flexibility students are typically seeking with short- and long-term rentals while driving rental income value for the owner.”

Courtesy Colliers

The success of the property signals an increased demand from today's student renters for upscale housing options.

“Orduna Court represents a massive shift in the industry and the way we think about student housing,” noted Kripalani, Colliers vice president. “Instead of automatically choosing the least-expensive option, students are increasingly seeking and placing value on elements like community, walkability, safety, flexibility, and amenities. Investors are adjusting course to meet these needs.”

Orduna Court, located within walking distance of the University Metrorail station, is a seven-minute train ride from Brickell’s financial district and is in close proximity to popular student neighborhoods, such as Coconut Grove, downtown Dadeland, Coral Gables, Kendall, and downtown Miami.