CollegePlace Partners has closed on the acquisition of a 311-bed student housing portfolio near Florida State University in Tallahassee. The $22.7 million purchase of The District totals eight properties, and marks the fourth acquisition for the firm since its founding in 2015. The seller, Atlanta-based Chance Partners, completed the asset in 2012 which features three- to six-bedroom, fully-furnished units with floor plans ranging in size from 1,530 to 2,352 sqf. The company now owns more than 700 beds and 60,000 sqf of student-serving retail near Illinois State, University of South Carolina, Clemson and Florida State. CollegePlace Partners has also selected Asset Campus Housing to manage the property.
With its close proximity to the university, The District provides much-needed student housing. “Florida State has the capacity to house only 20 percent of its undergraduate enrollment of more than 41,000 students,” stated 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 to take advantage of the tremendous demand for well-located, highly amenitized student housing in the college town of Tallahassee.”
