Florida A&M University Acquires 118-Bed Student Housing Portfolio in Tallahassee

Tallahassee, Fla. — Florida A&M University has acquired a 118-bed portfolio of student housing properties located near the university’s campus in Tallahassee. Benjamin Skinner and Matthew Prozzillo of Marcus & Millichap represented the seller, a private investment fund, in the $12.7 million disposition. The portfolio is composed of Twelve-Twenty Brooklyn Yard, Paces at Brooklyn Yard, Lighthouse at Brooklyn Yard and an additional plot of 1.3 acres of developable land. Each property has been fully renovated. “This transaction marks the first time Florida A&M has acquired existing assets to add to their on-campus housing stock — a decision largely driven by their larger than expected freshman enrollment, which caused hundreds of students to search for off-campus housing options further from campus,” says Prozzillo of Marcus & Millichap. “In conjunction with the university’s comprehensive housing plan, the acquisition of this portfolio should position the university to better accommodate future enrollment growth.”