GREA Closes 384-Bed Student Housing Sale and Refinance of a 168-Unit Townhome Community

June 12, 2023

GREA anounces the sale of a 384-bed student community near Florida State University, as well as a refinance of a 168-unit townhome community, both in Tallahassee, Florida, last month.

The Venetian, located at 235 S Ocala Road, has 96 units, totaling 384 beds, and is walking distance to Florida State University.  Ken Wellar, Founding Partner at GREA facilitated the sale on behalf of the seller.  The complex offers students a communal swimming pool, a gym, furnished units and in-unit laundry.

Wellar stated: “The enrollment growth and low vacancy in the market has really pushed value and brought in new investors from out of town.  The buyer was a family office out of New York in a 1031.”

GREA’s Debt and Equity team, led by George Johnson, facilitated a refinance for their client, the owner of a 168-unit townhome community located on a 15+ acre site. Terms of the new loan include: a 5-year fixed rate based on 275bps over the %-year treasury rate, 1 year of interest only, 30-year amortization, limited recourse, and flexible prepayment. The property was 95%+/- occupied at the time of the loan closing.

George Johnson noted: “We are very pleased to deliver this extremely strong financing package for our clients, particularly at a time when options are significantly limited. This is another great example of GREA’s ability to leverage the value of our relationship with one of our strongest capital providers.”