CHICAGO – JLL Capital Markets announced today that it has closed the sale of a three-property, 470-unit and 1,152-bed student housing portfolio near Florida State University in Tallahassee, Florida.

JLL marketed the property for the seller FPA Multifamily. Ancient City Capital acquired the asset.

The portfolio includes the 168-unit The Hub at Tallahassee, the 168-unit The Social 1600 and the 134-unit The Social Tallahassee. The properties feature one-, two-, three- and four-bedroom units with an average unit size of 1,089 square feet. Community amenities of the properties include pools, fitness centers and resident lounges.

The properties are located at 1303 Ocala Rd., 1600 Old Bainbridge Rd. and 1327 High Rd. All three properties are located less than one mile from campus and are proximate to downtown Tallahassee. Additionally, residents have easy access to Target, Walgreens, CVS and popular restaurants near the communities.

The JLL Capital Markets Investment Sales team representing the seller was led by Senior Directors Stewart Hayes and Scott Clifton and Analyst Jack Goldberger.

“We are encouraged by the future growth prospects at Florida State University that will only benefit the student housing market in Tallahassee,” said Hayes. “This portfolio transaction demonstrates the liquidity for student housing properties in the high-growth, sunbelt region of the United States and further underpins the strong fundamentals in the sector as a whole.”