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Student Housing Near FSU Campus Sells at Discount

TALLAHASSEE, FL-JLC Southeast pays $12.6 million for the Beach Club apartments out of foreclosure.

By Carl Cronan | Updated on January 11, 2010

TALLAHASSEE, FL-A 152-unit student housing complex near the Florida State University campus has sold for $12.6 million. Atlanta-based Southeast Apartment Partners LLC handled the Freddie Mac-financed sale of Beach Club Apartment Homes on behalf of Horsham, PA-based Capmark Financial Group Inc. to Atlanta-based JLC Southeast LLC.

Beach Club, located at 600 Beach Drive just off US 90, contains four beds per unit with students paying monthly rent based on year-long and sharing common areas within each unit. Capmark, now part of Berkadia Commercial Mortgage LLC, has held the property since the property was foreclosed in 2007 and the sale took several months to complete in two separate phases.

“A lot of these deals are taking a significant amount of time,” Brian Moulder, investment advisor with the Jacksonville office of Southeast Apartment Partners, tells GlobeSt.com. Part of the reason involves greater reporting to Freddie Mac on multifamily deals it agrees to finance, he says.

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