Florida A&M University Acquires Brooklyn Yard Portfolio Student Housing & Land For $12.7M
Tallahassee, Florida, United States
$12,652,000
Building Size
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Asset Type
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Closing
Oct 24, 2022
AI
The Brooklyn Yard Portfolio, located in Tallahassee, has been sold in a recent transaction. The property, consisting of student housing and land, was acquired by Florida A&M University for a sale price of $12,652,000. The transaction was facilitated by Benjamin Skinner and Matthew Prozzillo, brokers from Marcus & Millichap.
Summary of transaction details
- Property Type: Student Housing & Land
- Transaction Amount: $12,652,000
- Address: Brooklyn Yard Portfolio
- Market: Tallahassee
- Buyer: Florida A&M University
- Brokers: Benjamin Skinner & Matthew Prozzillo - Marcus & Millichap
The acquisition of the Brooklyn Yard Portfolio by Florida A&M University signifies their investment in the student housing sector in Tallahassee. Benjamin Skinner and Matthew Prozzillo, both representing Marcus & Millichap, played key roles in facilitating the deal. This transaction presents an opportunity for Florida A&M University to expand their presence in the student housing market and cater to the needs of their student population.
Players
Tallahassee CRE Market Snapshot
Boundary boundary · CRE · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.25%
Cash-on-Cash
-0.36%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93