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

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SOLD
$51,300,000

Florida

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Student Housing
Sold 07/28/2023
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SOLD

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

222 Ocala Rd Tallahassee, Fl 32304, Usa

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Student Housing
Sold 07/28/2023
the dealplayerscompscontact
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Summary

FLORIDA
Asset Type:Student Housing
Transaction Type:Sale

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 Group
SELLER
Walton Street Capital
Walton Street Capital
LENDER

Details

SOLD
IMAGE: Christopher Williams DATE: 07/28/2023 ADDRESS: 222 North Ocala Road MARKET: Tallahassee ASSET TYPE: Student Housing BUYER: Balfour Beatty Communities - Christopher Williams SELLER: Tailwind Group LENDER: Walton Street Capital LLC MORTGAGE BROKER: Berkadia SALE PRICE: $51,300,000 UNITS: 168 ~ PPU: $305,357 BEDS: 592 ~ PPB: $86,655 NOTE: Balfour Beatty acquired Oktiv, a 592-bed student housing property in Tallahassee, FL, for $51.3 million. The property offers modern amenities and is strategically located near universities and retail options.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$2,736,000.00

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$182,258.06
Cash-on-Cash Return-1.27%
Monthly Debt Service$243,188.17
Annual Debt Service$2,918,258.06