June 28, 2023 10:00 AM
Newmark announces the sale of Seminole Grand, a 487-unit, 1,557-bed student housing asset primarily serving Florida State University (FSU) in Tallahassee, Florida.
Newmark Vice Chairman and head of the company’s Student Housing group Ryan Lang, Managing Director Jack Brett and Director Ben Harkrider, in cooperation with Vice Chairman Avery Klann, represented the seller, The Collier Companies (TCC), in the transaction to FPA Multifamily.
“The focus on affordability, rent price point differentiation and scale in one of the strongest Power 5 markets in the country makes for an excellent execution by the FPA team,” said Lang. “Our team was proud to represent TCC in what will be one of the largest single-asset sales, by bed count, of the year.”
Located at 1505 W Tharpe Street, Seminole Grand is a garden-style student housing community situated on 44.71 acres. The property features two-, three- and four-bedroom and bathroom floorplans with unit sizes averaging 1,149 square feet. Community amenities include a resort-style pool, fitness center and yoga studio, soundproof study rooms, multimedia gaming center and an FSU bus stop on-site.
Seminole Grand is located directly adjacent to FSU and within a ten-minute drive of Tallahassee Community College (TCC) and Florida A&M University (FAMU). The property benefits from the surrounding schools’ robust enrollment growth rates and high demand for off-campus living accommodations.
Per the U.S. News & World Report in 2022, FSU was ranked 19th in Top Public Schools in the U.S. and 55th in National Universities. FSU is also a top 30 university in the U.S. by enrollment size with over 44,000 students – 80% of which require off-campus housing.
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. For the year ending December 31, 2022, Newmark generated revenues of approximately $2.7 billion. As of March 31, 2023, Newmark’s company-owned offices, together with its business partners, operate from over 170 offices with approximately 7,300 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
Discussion of Forward-Looking Statements about Newmark
Statements in this document regarding Newmark that are not historical facts are “forward-looking statements” that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. These include statements about the effects of the COVID-19 pandemic on the Company’s business, results, financial position, liquidity and outlook, which may constitute forward-looking statements and are subject to the risk that the actual impact may differ, possibly materially, from what is currently expected. Except as required by law, Newmark undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Newmark’s Securities and Exchange Commission filings, including, but not limited to, the risk factors and Special Note on Forward-Looking Information set forth in these filings and any updates to such risk factors and Special Note on Forward-Looking Information contained in subsequent reports on Form 10-K, Form 10-Q or Form 8-K.