The Venetian: Student Housing in Tallahassee, Florida
168 Unit Townhome Community in Tallahassee, Florida
PHILADELPHIA, June 19, 2023 (GLOBE NEWSWIRE) — GREA is pleased to announce 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 Rd, has 96 units, totaling 384 beds, and is walking distance to Florida State. Ken Wellar, Founding Partner at GREA, formerly Rittenhouse Realty Advisors, 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, formerly Rittenhouse Capital Advisors, 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.”
The Venetian, A Student Community Sold by GREA
168 Unit Townhome Community Refinanced by GREA
For more information on current rates or to view our available listings visit
www.GREA.com.
GREA has been a leader in multifamily commercial real estate in Philadelphia and the surrounding markets since 2013. With our extensive local market knowledge, we pride ourselves in helping our clients from acquisition to disposition and through every major capital event.
Press Contact: Corey Lonberger and Ken Wellar
Founding Partners
215-454-2852
Photos accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/c4a0b025-a9e2-41ae-a5a5-f4a1a080d4ab
https://www.globenewswire.com/NewsRoom/AttachmentNg/70f031c4-727b-457f-98ab-22b355ebe51c
