FPA Multifamily Acquires Florida Student Housing Community
Newmark brokered the $68 million sale of the Tallahassee property.
The Collier Cos. has sold Seminole Grand, a 1,557-bed student housing community in Tallahassee, Fla., adjacent to Florida State University. FPA Multifamily paid $68 million for the property and assumed the $40.9 million outstanding balance of a 10-year $42.8 million Fannie Mae loan, originated by NorthMarq Capital, Yardi Matrix data shows.
Newmark’s Vice Chairmans Ryan Lang and Avery Klann, Managing Director Jack Brett and Director Ben Harkrider represented TCC in the transaction.
Completed in 1995, the property spans 44.7 acres and comprises 37 buildings with 487 units across a mix of two- to four-bedroom floorplans, averaging 1,149 square feet. Community amenities include a fitness center with a yoga studio, swimming pool, study room and gaming center. Residents also have access to roommate matching opportunities and an onsite FSU bus stop.
Located at 1505 W. Tharpe St., the community is within 1.6 miles of the Florida State University campus and within 2.2 miles of Doak S. Campbell Stadium. Tallahassee city center, as well as several dining, retail and entertainment options, are some 3 miles southeast of the property.
Rents, Construction, Sales Shine at FSU
Florida State University is among the institutions registering strong student housing fundamentals, with a 12.7 percent annual rent growth and a 7.5 percent year-over-year enrollment growth, according to the latest Yardi Matrix student housing report. The transaction activity is also high at FSU, as just last week GREA arranged two deals totaling $37.5 million, which included the sale and refinancing of two communities.
Additionally, FSU is the fourth institution with the most bedrooms in the pipeline, currently having some 3,173 rooms under construction, Yardi Matrix data shows. Among those properties is Landmark’s 702-bed The Metropolitan at Tallahassee, which is slated for completion in the third quarter of 2024.