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222 Ocala Rd Tallahassee, F...

Updated Oct 29, 2024

Balfour Beatty Acquires 592-Bed Student Housing Property In Tallahassee For $51.3M
SOLDStudent Housing

Balfour Beatty Acquires 592-Bed Student Housing Property In Tallahassee For $51.3M

222 Ocala Rd Tallahassee, Fl 32304, Usa

$51,300,000

Units

168

Asset Type

Student Housing

Closing

Jul 28, 2023

About this deal

AI

Oktiv, a 592-bed student housing property in Tallahassee, FL, has been acquired by Balfour Beatty Communities for $51.3 million. The property offers modern amenities and is strategically located near universities and retail options.

Summary of transaction details

  • Property Type: Student Housing
  • Transaction Amount: $51,300,000
  • Address: 222 North Ocala Road, Tallahassee
  • Market: Tallahassee

Balfour Beatty Communities, represented by Christopher Williams, purchased Oktiv from the Tailwind Group. The lender for this transaction was Walton Street Capital LLC, with Berkadia serving as the mortgage broker. The deal involved 168 units, with a price per unit of $305,357. The property comprises 592 beds, resulting in a price per bed of $86,655.

Players

TG
Tailwind GroupSeller

Miami Student Housing Market Snapshot

Boundary boundary · Student Housing · Sale transactions

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Deal FAQ

About $305.4K per unit across 168 units on a published $51.3M (2023).

Browse Miami student housing sales on Traded.

Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.31%

Cash-on-Cash

-0.09%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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