A newly formed joint venture has scored a $73.3 million loan to construct a student housing project at Florida State University.
The JV includes a few partners such as 908 Group, Canyon Partners Real Estate LLC, Portman, and PTM Partners.
The loan was provided by Pacific Life Insurance Company.
The project, referred to as The Hall, will provide Class A student housing, consisting of two mid-rise buildings. It will include 191 units, 674 beds, 7,689 square feet of ground floor retail, and 452 parking spots.
Plus, there will be amenities such as high-speed WIFI, a rooftop pool, and a fitness center. Also, The Hall takes just a 10-minute walk from the FSU’s main campus. Additionally, various retail and restaurant offerings can be found nearby.
“Today’s students expect the best in their living experience, and Portman has a proven track record of delivering top-of-the-line residential communities that do just that,” said Rodney King, senior vice president of Portman, in a statement.
“We are entering the market with a solid deal to deliver a high-quality student housing project at one of the southeast’s most prominent college campuses. We are bullish on student housing and are currently pursuing several deals at top-tier universities that will break ground in 2025.”
The JV’s action comes as students get set for an upcoming semester as the summer comes to an end. Meanwhile student housing has shown mixed signals.
A recent Yardi Matrix national student housing report revealed that preleasing lagged five percent behind July 2023 levels. However, the market has shown some signs of life as 19 schools were 99% preleased, as of July, which was 10% or more higher than in 2023. This year, advertised rents have risen 4.7% to $897.
Currently, The Hall is under construction, with completion anticipated for the Spring of 2026. FavorGray is serving as the general contractor.