SmartStop Affiliate Sells North Florida Pupil Housing Group – Multi-Housing Information

[email protected]

Strategic Pupil & Senior Housing Belief, an affiliate of SmartStop Asset Administration, has bought [email protected], a 434-bed group serving Florida State College college students in Tallahassee, Fla. SmartStop facilitated the deal on behalf of the REIT.
Yardi Matrix knowledge reveals that the vendor acquired the purpose-built group straight from the developer in 2017, when Asset Plus Cos. acquired $47.5 million for the property.
Previously often known as The Area at Tallahassee, the five-story constructing at 700 W. Virginia St. is situated inside strolling distance of the FSU campus. Retail and eating alternatives are additionally inside strolling distance, whereas Florida A&M College is lower than 3 miles from the group.
[email protected] gives a mixture of one- to four-bedroom flats starting from 659 to 1,682 sq. ft. All items are furnished, and embrace washers and dryers. Residents have entry to a health club, a clubhouse, a swimming pool and greater than 200 parking areas. For the educational yr that begins this fall, the group is already 98 % preleased.
With preleasing for the 2022 fall semester underway, pupil housing continues to show wholesome fundamentals, in accordance with the newest Yardi Matrix report. Off-campus communities round high universities are set to fare notably properly, with each preleasing and hire charges in November 2021 above pre-pandemic ranges.
The FSU market is off to an excellent begin, with pupil housing builders pretty energetic in Tallahassee. As of December 2021, there have been 1,111 items below building at FSU, representing 2.5 % of the enrolled college students, the identical report reveals.
In response to the info supplier, 4 pupil housing communities totaling 2,136 beds modified arms in Tallahassee final yr. The biggest transaction closed in August,  when Blackstone-owned firm LivCor paid $111 million to Landmark Properties for The Normal at Tallahassee, a 769-bed group, situated lower than a mile from the FSU campus.
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