JV to Convert FL Student Housing Into Apartments

The Collier Cos., Apex One and Paravest Capital have acquired the 324-unit Avenue 29 Apartments in Tallahassee and plan to reposition the community.

avenue29-pool2The Collier Cos. (TCC), Apex One and Paravest Capital have acquired Avenue 29 Apartments in Tallahassee, Fla. TCC and its partners purchased the multifamily housing property from Avenue 29 Apartments LLC for an unspecified sum.

Avenue 29 Apartments is a student housing property built in 2001. It includes 324 units in 17 residential buildings. The buyers plan to repurpose the community into conventional multifamily housing.

“The Collier Cos. and partners are optimistic about the job creation prospects for Tallahassee, and the desirability of the city for Millennials,” said TCC CEO Andy Hogshead. “While there has been a strong increase in the number of purpose-built student housing beds, there has not been a corresponding increase in conventional apartment units.”

Hogshead added that the investors believe that repurposing a student property like Avenue 29 can provide spacious conventional apartments at good value for would-be tenants. “Repositioning the property will be challenging, which is why the three entities, each multifamily experts in their own right, teamed up again on Avenue 29,” he explained.

Amenities

Avenue 29 offers five different floor plans, with its units featuring garbage disposals and high-speed Internet. Common amenities include a Jacuzzi, covered parking, 24-hour emergency maintenance, and a gym. TCC’s Anthony Smith will be the new community manager for the property.

TCC owns and manages more than 11,000 apartment units in Florida, Georgia, and Oklahoma. Avenue 29 is the 10th apartment community owned and managed the company in Tallahassee.