GREA Arranges Pair of Tallahassee Deals

COLLAGE – The Venetian student housing property in Tallahassee, Fla. Image courtesy of GREA

Global Real Estate Advisors has facilitated two multifamily deals in Tallahassee, Fla., totaling $37.5 million, including the sale of a 384-bed student housing property near Florida State University to Stonebridge Property Group.

GREA also arranged the refinancing of a 168-unit townhouse community located on a 15 acre-plus parcel of land.

Student Housing deal

Ken Wellar, founding partner of GREA, arranged the sale of The Venetian, a 96-unit student housing community at 235 S Ocala Road, on behalf of the seller. GREA did not disclose the name of the seller or buyer or the purchase price, but in prepared remarks, Wellar described the buyer as a New York-based family office acquiring the property through a 1031 exchange.

Yardi Matrix data identified the buyer as Stonebridge, which acquired the property for approximately $15.8 million from FPA Multifamily. FPA had owned the asset since September 2017, when it purchased the property for $13.3 million from Collier Cos. as part of a $22.7 million portfolio transaction that included The Social. Collier Cos. had acquired the asset in May 2006 for nearly $16 million from Student Housing Partners, according to Yardi Matrix data.

Stonebridge Property Group assumed the approximately $10.8 million outstanding balance of a Fannie Mae loan originally dated Sept. 22, 2017. The 10-year loan has an annual 4.15 percent rate and is due to mature on Oct. 1, 2027.

The Venetian was built in two phases on a 7.16-acre site. Phase I had 72 units and was completed in 1997. The second phase included eight units and 16 townhouse units. All the units have four bedrooms and four bathrooms. The townhouse units measure 1,650-square-feet, while the property’s remaining units range from 1,500 to1,520 square feet. Average rent is $703 per bedroom. The units are fully furnished and include washer and dryers, microwave ovens and high-speed internet access. Amenities include a swimming pool, clubhouse, fitness center, business center, basketball court and a total of 212 parking spaces. Units have private balconies or patios. The community, which has 10 three-story buildings, is within walking distance of the FSU campus.

GREA, formerly known as Rittenhouse Realty Advisors, declined to disclose the name or the owner of the townhouse community. That property was more than 95 percent occupied at the time of the loan’s closing. GREA’s Debt and Equity team, formerly Rittenhouse Capital Advisors and led by George Johnson, secured the refinancing. The terms of the new loan include a five-year fixed rate, one year of interest only, 30-year amortization, limited recourse and flexible repayment.