Balfour Beatty announced today that it has acquired a 168-unit/592-bed student housing community in Tallahassee, Florida. The acquisition expands the company’s overall Florida footprint to 12 residential properties. The property will be managed internally by the Company’s residential management division, Balfour Beatty Communities.
Oktiv,previously known as The Quarters at Tallahassee, offers off-campus living to students enrolled at Florida State University, Florida A&M University and Tallahassee Community College. Six unique floor plan options feature a variety of modern amenities, including in-unit washer and dryer, updated cabinetry, stainless steel appliances, granite countertops and spacious balconies.
Oktiv is ideally positioned approximately one mile from the campus of Florida State University, and nearby to Tallahassee Community College and Florida A&M University. The convenient location is also within walking distance to the Ocala Corners shopping centre, a short drive from the Tallahassee International Airport, and provides easy access to all things FSU athletics.
Mike Price, Executive Vice President of Residential Housing at Balfour Beatty said: “We are pleased to complete this acquisition and continue to expand our portfolio, with a balanced mix of student housing and multifamily assets.
“Our team is excited to bring Balfour Beatty’s exceptional living experience to the student community in Tallahassee.”
The acquisition financing was arranged by Berkadia and funded by an affiliate of Walton Street Capital, L.L.C.
Aaron Cardwell, Senior Managing Director at Berkadia said: “We are excited to assist Balfour Beatty to optimize their cost of financing. The efficiency of the expert team was particularly impressive, and we look forward to assisting them again as the company grows its portfolio.”
Corey Chamberlain, Principal at Walton Street said: “We are excited to expand our lending relationship with Balfour Beatty by providing financing for a student housing community serving universities with strong fundamentals,” said Corey Chamberlain, Principal with Walton Street.
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About Balfour Beatty
Balfour Beatty is a leading international infrastructure group with over 25,000 employees driving the delivery of powerful new solutions, shaping thinking, creating skylines and inspiring a new generation of talent to be the change-makers of tomorrow. We finance, develop, build, maintain and operate the increasingly complex and critical infrastructure that supports national economies and deliver projects at the heart of local communities.
About Balfour Beatty Communities
Balfour Beatty Communities is an active owner and operator of residential real estate in the multifamily, student and military housing sectors across the United States. Since its inception, Balfour Beatty Communities has invested in nearly 100 properties representing more than $7.9 billion of gross asset value. Our broad in-house expertise includes decades of acquisition, development, finance, renovation, leasing and property/facility management experience. Leveraging this extensive expertise and a customer service-focused approach, Balfour Beatty Communities seeks to create value in its real estate projects while delivering exceptional living experiences. For more information, visit balfourbeattycommunities.com.
About Walton Street Capital, L.L.C.
Walton Street is a private equity real estate investment firm that, since its inception in 1994 through its affiliates, has raised over $15 billion of capital commitments. Walton Street’s principals have collectively acquired, financed, managed, and sold over $55 billion of real estate and have an average of 22 years of real estate industry experience. Senior management has collectively invested and managed both real estate equity and debt through several real estate cycles over five separate decades and more than 40 years, forging long-term and deep relationships with lenders, public and private real estate owners, operators, brokers, managers, and industry service providers. Through this diverse network, Walton Street has sourced over $10 billion in lending opportunities for its affiliates since inception.
Berkadia, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is a leader in the commercial real estate industry, offering a robust suite of services to our multifamily and commercial property clients. Through our integrated mortgage banking, investment sales and servicing platform, Berkadia delivers comprehensive real estate solutions for the entire life cycle of our clients’ assets.