CollegePlace Partners Acquires 311-Bed Student Housing Portfolio in Tallahassee, FL for $22.7 MM

TALLAHASSEE, Fla. - July 27, 2016 - PRLog -- Real estate investment firm CollegePlace Partners has acquired The District, a 311-bed student housing portfolio adjacent to Florida State University in Tallahassee, FL in an off-market transaction valued at $22.7 million.

The District comprises eight townhome and flat-style buildings each featuring its own distinctive Southern-style architectural expression.    Totaling 90 units, the portfolio features a mix of three-, four-, five-, and six-bedroom fully furnished floor plans ranging in size from 1,530 to 2,352 square feet.  Completed in 2012 by the seller, Atlanta, GA-based Chance Partners, The District is located within a two-block area bounded by W. Pensacola, Loren, St. Augustine and S. Copeland Streets at the southeast border of the 438-acre University in what is known as the College Town neighborhood.

College Town, which is also home to FSU's Fraternity and Sorority Row, is considered one of the most desirable places to live off campus.  In addition to its proximity to the campus, the neighborhood is benefiting from a major urban renewal project that is still in its early stages.  The redevelopment plan includes new housing, retail stores, restaurants and entertainment venues.

"Florida State has the capacity to house only 20% of its undergraduate enrollment of more than 41,000 students," said CollegePlace Partners Principal Beau Jaussi.   "The District also serves nearby Florida A&M which can house only 28 percent of its undergraduates students on campus.   Given these factors, we believe the District is well positioned among the competitive set to take advantage of the tremendous demand for well-located, highly amenitized student housing in the college town of Tallahassee."

This is the fourth acquisition for CollegePlace Partners since its founding in 2015.   The firm focuses on the acquisition of value-add student housing properties within a 10-minute walk of major universities with a student population of 20,000 or more. With The District, CollegePlace Partner's holdings now total more than 700 beds and 60,000 square feet of student-serving retail near Illinois State, University of South Carolina, Clemson and Florida State.  The firm is expected to close on an additional three properties valued at approximately $100 million by the end of the year, according to Jaussi.

Andrew Kirsh and Serineh Baghdasarian of Los Angeles-based law firm Sklar Kirsh LLP (http://www.sklarkirsh.com) represented CollegePlace Partners in the acquisition.

"This was a complex transaction requiring the assumption of debt from three separate lenders, all with different requirements," said Kirsh. "It required tremendous coordination among many parties and everyone worked hard to achieve a successful closing on time."

The property was marketed by Chris Epp and Chris Bancroft co-founders of Austin-based Four Point Investments, a full-service commercial real estate brokerage firm focuses exclusively on student housing and conventional multifamily investment sales.

"FourPoint loves to represent Chance Partners in the disposition of their student housing assets," said Epp.  "The construction quality and attention to detail in their projects is always first-rate.  Additionally, they have an uncanny ability to source development projects that are truly campus-adjacent.  Something that is very difficult to do in today's market."

CollegePlace Partners has engaged Asset Campus Housing, the nation's largest third-party student housing management company, to manage the portfolio.

ABOUT COLLEGE PLACE PARTNERS

CollegePlace Partners, LLC is a Texas-based real estate investment firm focused on acquiring, repositioning and operating student-housing properties nationwide.  Since 2015, CollegePlace Partners and its affiliates have successfully acquired more than $60 million worth of student housing assets with an average occupancy within the portfolio of 99.8%