The Real Deal Miami

Student housing near FSU sells for $22.7 million

CollegePlace Partners bought the 311-unit complex from an Atlanta-based developer

July 30, 2016 01:00PM

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A townhouse at The District near Florida State University

A townhouse at The District near Florida State University

CollegePlace Partners, a real estate investment firm, bought a 311-bed student housing complex next to Florida State University in Tallahassee in a $22.7 million off-market transaction.

The complex of townhouses and flat-style buildings, called The District, was completed in 2012 by the seller, Chance Partners of Atlanta.

The District is located at the southeast border of the 483-acre FSU campus in a neighborhood known as College Town, home to the university’s fraternities and sororities.

This is the fourth acquisition by Texas-based CollegePlace Partners since its 2015 startup. Including The District, CollegePlace Partners now owns more than 700 student-housing beds and 60,000 square feet of retail stores serving students near the campuses of Florida State, Illinois State University, the University of South Carolina and Clemson University.

“Florida State has the capacity to house only 20 percent of its undergraduate enrollment of more than 41,000 students,” CollegePlace Partners principal Beau Jaussi said in a written statement.

Jaussi also said CollegePlace Partners plans to acquire three additional properties by year-end for about $100 million.

Andrew Kirsh and Serineh Baghdasarian of Los Angeles-based law firm Sklar Kirsh LLP represented CollegePlace Partners in the acquisition.

The District 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.