Strategic fund for students and senior housing, a subsidiary of SmartStop Asset Managementsold [email protected], a 434-bed community serving Florida State University students in Tallahassee, Florida. SmartStop facilitated the transaction on behalf of REIT.
Yardi Matrix Data shows that the seller acquired the purpose-built community directly from the developer in 2017, when Asset Plus Cos received $47.5 million for the property.
Formerly known as The Domain in Tallahassee, the five-story building is located at 700 W. Virginia St. Within walking distance of the FSU campus. Retail and dining opportunities are also within walking distance, while Florida A&M University is less than 3 miles from the community.[email protected] It offers a mix of one to four bedroom apartments ranging in size from 659 to 1,682 square feet. All units are furnished and have washers and dryers. Residents have access to a gym, club, pool, and more than 200 parking spaces. For the school year beginning this fall, 98 percent of the community has already been pre-launched.
With a pre-release for Fall 2022 underway, student housing continues to show the health fundamentals, according to the latest Yardi Matrix report. Off-campus communities around the top universities are set to do particularly well, with advance rental and rental rates in November 2021 above pre-pandemic levels.
The FSU market is off to a good start, with student housing developers fairly active in Tallahassee. As of December 2021, there were 1,111 units under construction at FSU, representing 2.5 percent of enrolled students, the same report shows.
According to the data provider, four student housing estates totaling 2,136 beds in Tallahassee were changed hands last year. The biggest deal closed in August, when Black stoneowned company Livecor He paid $111 million to Landmark Properties For The Standard at Tallahassee, a 769-bed community located less than a mile from the FSU campus.