TALLAHASSEE, FL—In one of the largest student housing acquisitions this year, a newly formed joint venture between Calidus, Pebb Capital, and Pragma Investments has purchased 3,155 beds at Florida State University in Tallahassee, FL. Collegium Capital Partners paid $43.5 million for the student housing and is planning a multimillion-dollar renovation.

“This acquisition not only makes us one of the largest student housing providers in the Tallahassee market, it also is indicative of our willingness to tackle extremely complicated value-add projects,” says Benjamin Macfarland, CIO of Calidus, and president of Collegium. “This is a great example of our focus to seek out new acquisitions with solid cash flow at an exceptionally low basis to give our investors the ability to make a great return.”

CCRE, a commercial real estate finance company affiliated with Cantor Fitzgerald, provided the acquisition financing as part of its new bridge lending program. Breaking down the deal, there are about 10,000 on-campus student housing beds and 30,000 off-campus purpose-built student housing beds in Tallahassee, which is home to over 70,000 students.