FPA Multifamily has sold a three-property, 1,152-bed student housing portfolio in Tallahassee, Fla., serving students at Florida State University. Ancient City Capital paid $57.8 million for the properties, funded by a 35-year, $70.6 million loan originated by the Housing Finance Authority of Leon County and funded by Bank of New York Mellon, Yardi Matrix data shows.
The biggest property in the portfolio, The Hub at Tallahassee spans 11.8 acres and comprises 32 buildings with 168 units and one-, two-, three- and four-bedroom apartments, varying from 727 to 1,516 square feet. Community amenities include a fitness center, business center, community room, swimming pool and basketball court.
The other two properties include the 168-unit The Social and the 134-unit The Social Tallahassee, two properties comprising 14 and 20 buildings with the same floorplans, averaging 1,064 and 1,080 square feet, respectively. Community amenities include resident lounges, swimming pools and fitness centers.
Located at 1303 Ocala Road, 1600 Old Bainbridge Road and 1327 High Road, the communities are within one and 2 miles of each other and 2 miles away from the Florida State University campus and the Doak Campbell Stadium. Numerous retail and dining options in WestEnd Square are within 1.5 miles and respectively less than 3 miles away from the properties.
Senior Directors Stewart Hayes and Scott Clifton and Analyst Jack Goldberger of JLL Capital Markets represented the seller in the transaction.
FSU shows strong market fundamentals
As the student housing market shows strong performance, with prelease growth and rent increases exceeding pre-pandemic levels, Florida State University continues to display sound fundamentals. The market has three properties under construction, that will add some 1,111 bedrooms to the current inventory, Yardi Matrix data shows.
FSU is among the top 15 markets by sales volume, nearing $50 million in sales as of March, a recent Yardi Matrix report shows. Earlier this year, Strategic Student & Senior Housing Trust sold [email protected], a 434-bed student community in Tallahassee, Fla.