News release

Three student housing properties near Florida State University sell

JLL Capital Markets closed the sale of the 470-unit and 1,152-bed portfolio in Tallahassee, Florida 

May 23, 2022

Jenna Sharp

Property Management and Capital Markets
+1 214 438 6450

CHICAGO, May 13, 2022 – JLL Capital Markets announced today that it has closed the sale of a three-property, 470-unit and 1,152-bed student housing portfolio near Florida State University in Tallahassee, Florida.

JLL marketed the property for the seller FPA Multifamily. Ancient City Capital acquired the asset.

The portfolio includes the 168-unit The Hub at Tallahassee, the 168-unit The Social 1600 and the 134-unit The Social Tallahassee. The properties feature one-, two-, three- and four-bedroom units with an average unit size of 1,089 square feet. Community amenities of the properties include pools, fitness centers and resident lounges.

The properties are located at 1303 Ocala Rd., 1600 Old Bainbridge Rd. and 1327 High Rd. All three properties are located less than one mile from campus and are proximate to downtown Tallahassee. Additionally, residents have easy access to Target, Walgreens, CVS and popular restaurants near the communities.

The JLL Capital Markets Investment Sales team representing the seller was led by Senior Directors Stewart Hayes and Scott Clifton and Analyst Jack Goldberger.

“We are encouraged by the future growth prospects at Florida State University that will only benefit the student housing market in Tallahassee,” said Hayes. “This portfolio transaction demonstrates the liquidity for student housing properties in the high-growth, sunbelt region of the United States and further underpins the strong fundamentals in the sector as a whole.”

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 100,000 as of March 31, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.

About FPA Multifamily

FPA Multifamily has marketplace credibility built on over three decades of investing in over 700 apartment building across the United States. The firm has transacted on approximately over $20 billion of apartments totaling 700 buildings in excess of 130,000 units and over 450 realized investments. 

About Ancient City Capital

Ancient City Capital (“ACC”) is a private real estate investment firm headquartered in Saint Augustine, Florida. ACC utilizes the industry’s most sophisticated operating systems and technology to provide the most accurate insight into future and current properties to continue to add value to the firm’s investments. Leveraging ACC’s network and reputation in respective markets, the firm has experience in all commercial real estate asset classes across the United States and has empowered 5,000 families and veterans with its $750 million of assets under management and 40+ years of combined executive management experience.