TALLAHASSEE, FL—Inland American Communities just acquired two fully-developed student housing properties for $94.6 million. Inland bought The Retreats locations—one in Tallahassee and one in Raleigh—from Landmark Properties.
The two properties, located in Florida and North Carolina, offer 1,264 beds. Amenities include a resort style swimming pools with movie screens, basketball courts, tanning beds, game rooms, grilling areas and sand volleyball courts.
Travis Roberts, president of Inland American, tells GlobeSt.com his firm was attracted to the Tallahassee property because it's near Florida State University, Tallahassee Community College and Florida A&M University. That means The Retreat is close to more than 70,000 students in the Tallahassee market.
“The asset's exceptional location and student draw created an excellent opportunity for Inland American to break into the Tallahassee market and acquire the company's first 'cottage' product,” Roberts says. “As the only craftsman-style cottage student housing community in the Tallahassee market, The Retreat provides a true neighborhood atmosphere and the best amenity package complete with swimming pools, foosball, sand volleyball courts, etc.”
The Retreat in Tallahassee offers 710 beds with a 9,500-square-foot club house featuring a catering kitchen, pool tables, foosball and flat screen TVs. In addition, The Retreat offers 764 parking spaces for residents and their guests. The property is 99% leased for the 2012-2013 school year.
Located 2.5 miles from North Carolina State University, the largest university in North Carolina with a total enrollment of 34,767 students, The Retreat offers 554 beds with a 9,000-square-foot clubhouse with a catering kitchen, pool tables, foosball and flat screen TVs. The student housing property also offers 557 parking spaces for residents and their guests. The Retreat is 93% leased for the 2012-2013 school year.
“We selected The Retreat in Raleigh based on its prime location and desirable student demographics,” Roberts says. “Like Tallahassee, The Retreat in Raleigh is the only craftsman-style cottage student housing community in the Raleigh area, providing a true neighborhood atmosphere and the best amenity package in the market for the approximately 68% of students that live in off-campus housing.”
The Retreat properties are cottage-style student housing communities. The vision is to provide a true neighborhood atmosphere. Each apartment offers luxuries including nine-foot ceilings, full-sized washer/dryers, large closets, patios and high speed internet. The properties opened in 2012 and enrollment at both universities is expected to increase 8% over the next five years.
“The Retreat properties aligned with Inland American's long-term strategy to expand its student housing portfolio into top-tier university markets and maintain geographic and university/market diversification,” Roberts says. “With our first acquisition of The Retreat properties, combined with our current purpose-built developments and pipeline of acquisitions, we are well on our way to accomplishing our goal of doubling the size of our portfolio.”
IAC will market both properties under the nationally recognized University House brand. IAC's strategic approach involves substantial long-term investments in carefully chosen markets, working in partnership with each university to enhance the university community environment with innovative, off-campus housing.
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