Landmark JV to Build 702-Bed Tallahassee Student Property
The developers landed a $68 million construction loan from Webster Bank.
A joint venture between Landmark Properties and Atlantic American Partners has unveiled plans for The Metropolitan at Tallahassee, a 702-bed student housing community in Tallahassee, Fla. The partnership landed a $68 million construction loan, funded by Webster Bank for the development, public records show.
The project was initially started by Haven Campus Communities a few years ago, which then sold the land parcel to Landmark for $16.5 million, according to the same data source. Landmark Construction is the general contractor for the development.
Scheduled for completion in the third quarter of 2024, The Metropolitan at Tallahassee will feature two-, three- and four-bedroom floorplans with gourmet-style kitchens, stainless steel appliances, quartz countertops, hardwood-style flooring and high-speed internet. Community amenities will include a fitness center, computer lab, swimming pool and parking spaces.
Located at 1701 West Pensacola Street, the property is within walking distance of the Florida State University campus and Doak S. Campbell stadium. An Aldi grocery store and several dining options are within half a mile of the property. Tallahassee city center and numerous entertaining options are two miles away from the community, as well.
Florida’s thriving student housing market
Currently, there are four properties under construction at FSU, that will add over 1,355 bedrooms to the inventory, Yardi Matrix data shows. The institution is also among the top universities with the highest sales volume, registering $120.4 million in transactions, the latest Yardi Matrix report shows. Just this May, Ancient City Capital acquired a three-property, 1,152-bed student housing portfolio for $57.8 million.
Landmark Properties has several projects underway in other Florida student markets. In February, the company announced the development of The Metropolitan at Tampa, a 760-bed property in Tampa, Fla, scheduled for completion in August 2024. The firm also partnered with Peninsula U.S. Real Estate and W5 Group to renovate and add new townhomes at The Cloisters, a 71-unit community near the University of Miami, expected next year.