Luxury Student Complex Sells for $43M

(Crystal Proenza is associate editor of Real Estate Florida.)

TALLAHASSEE, FL-A joint venture between Gainesville-based Collier Cos. and an alternative property fund managed by JP Morgan Asset Management have acquired West 10, a 312-unit luxury student residential complex, for $43.8 million. CB Richard Ellis’ Jacksonville multihousing group sold the property, located at 2614 W. Tennessee St., on behalf of Wood Partners. James Tramuto with CBRE Capital Markets assisted Collier with procuring an investment partner, and arranged debt and equity for the transaction.

The upscale property is two miles from the main campus of Florida State University, one mile from Tallahassee Community College and five miles from Florida A&M University. The 876-bed residence features one- to four-bedroom units with a corresponding number of bathrooms and an average unit size of just under 1,400 sf. Average monthly rental rates are $575 per bed, according to Ryan Reid, senior vice president with CBRE. The property is 98% occupied.