BBX Capital Real Estate has closed on the disposition of a student housing complex near the campus of Florida State University in Tallahassee for $9.3 million. Built in 2008, the 82-unit, 272 bed Villa San Michele consists of 15 two-story buildings. Common-area amenities in the pet friendly community include a fitness center, swimming pool, dog park, clubhouse, business center and a total of 180 parking spaces.
“While many in the past characterized some of our legacy real estate assets as ‘scratch and dent’ assets, we have always believed they offered outstanding opportunities,” commented Seth Wise, President of BBX Capital Real Estate. “We are delighted to have positioned this property so as to profitably monetize a portion of our legacy portfolio, and will continue to seek to pursue opportunities relating to our legacy portfolio.”
