TALLAHASSEE, FL-Gainesville, FL-based Collier Enterprises has acquired the 1,554-bed Village on Tharpe student housing community for $50 million. The seller was locally based REIT Education Realty Trust, which plans to use the proceeds of the sale to reduce outstanding corporate debt.
"Right now there is a lot of investor interest in student housing," Education Realty Trust spokesman tells GlobeSt.com. "We felt the sale this property at an attractive 6% cap rate enables us to redeploy capital in a positive way."
Constructed in 1995, the Village on Tharpe is located near Florida State University and has 486 units in 37 buildings. Education Realty Trust acquired the property in January 2005 as part of its formation transaction, its initial public offering of shares and its simultaneous acquisition of a portfolio of communities.
Education Realty Trust will continue to own and operate two other collegiate communities, the Commons and the Players Club, with 1,068 beds in the Tallahassee market.
"In addition, our accretive use of the proceeds to pay off high-cost debt will enhance the company's capital structure and foster greater shareholder value," says Education Realty Trust chairman, president and CEO Paul Bower says.
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