Arrimus Snags FL Student Housing
The company made its second purchase from Parkland Development Corp. this year with the Forum at Tallahassee, a 264-unit community serving Florida State University students.
By IvyLee Rosario
Forum at Tallahassee
Arrimus Capital acquired the Forum at Tallahassee student housing community in Tallahassee, Fla., from Parkland Development Corp. This purchase marks the company’s second from Parkland this year, following the Forum at Denton, serving students at the University of North Texas.
Located at 2525 W. Tennessee St., the community features 264 units comprising one-, two- and four-bedroom floorplans ranging from 620 to 1,513 square feet. The luxury Class A community is 99 percent leased across its eight four-story buildings, and serves the students of Florida State University. The fully furnished apartments feature wood-like plank flooring throughout, washer/dryers, covered patios, Wi-Fi, a parking space for each bedroom, controlled access, granite countertops and stainless steel appliances.
Built in 2014, the Forum at Tallahassee qualifies as a certified green property through Fannie Mae’s Green Globes program, which provides incentives for environmentally sustainable multifamily investments. With 40,000 students, FSU’s on-campus housing has been over capacity for four years and only accommodates 15 percent of the students. The remaining students must find off-campus housing and the off-campus market is 97 percent occupied across all purpose-built properties.
Vast Amenity Offerings
Residents have access to amenities including:
- covered patio with fireplace
- lap pool and spa
- sand volleyball court
- multi-panel TV entertainment wall in clubhouse
- aquatic ping pong and pool tables
- three tanning beds
- pet park with dog wash station
- 24-hour, two-story fitness center
- business center with conference and study rooms
- outdoor grilling station
- indoor basketball and volleyball gym
- life-size video gaming center
- car care center
- free Starbucks coffee lounge
- access to StarMetro and FSU bus routes
Ray Wirta, Chris Lee and Ryan Gahagan led the acquisition of Forum at Tallahassee, and have closed more than $160 million in student housing this year.
“We acquired Forum at an attractive basis relative to adjacent properties so we can offer a premier living experience at a meaningful discount,” Gahagan, partner at Arrimus Capital, told Multi-Housing News. “For our investors, this means a defensive investment with inherently strong demand. When market rents start to plateau, we will still experience rent growth because of the gap between our low basis and market rates.”
Image courtesy of Arrimus Capital
