Ancient City Capital has acquired a 1,152-bed student housing portfolio in Tallahassee, Fla., serving the students of Florida State University. JLL Capital Markets arranged the sale on behalf of the seller, FPA Multifamily.

The portfolio encompasses a total of 470 units across three properties, including the 168-unit The Hub at Tallahassee, the 168-unit The Social 1600, and the 134-unit The Social Tallahassee. The communities have a mix of one-, two-, three- and four-bedroom units averaging 1,089 square feet. Property amenities include pools, fitness centers, and resident lounges.

Located at 1303 Ocala Road, 1600 Old Bainbridge Road, and 1327 High Road, the communities are within a mile of the university campus and provide easy access to downtown Tallahassee and several shopping and dining options.

Steady Investment, Development

Thanks to the popularity of the Sun Belt metros, Tallahassee continues to grow along with other Florida markets. Florida State University was among the top 15 universities with the most sales volume recorded year to date through the first quarter of 2022, with student housing deals amounting to $50 million, according to a Yardi Matrix report.

The market also had a solid development pipeline at the end of the first quarter, with roughly 1,100 bedrooms under construction, accounting for 2.5% of enrollment, the Yardi Matrix report revealed. Meanwhile, preleasing stood at 72.9% in March 2022, the report noted.