TALLAHASSEE, FL—American Campus Communities has snapped up The Plaza Apartments, a 289-unit student housing community near Florida State University's campus. The sale price was $10.4 million.

Colliers International's Dorothy Jackman and Travis Prince, managing directors of the Student Housing Group, and Sean Baird, associate of the Student Housing Group, represented the buyer and seller. The seller was TREO Plaza, LLC.

According to Colliers, American Campus was selected as the buyer because of its strong student housing industry track record. The company has developed a number of other off-campus housing communities in the Tallahassee area, including 601 Copeland and the U Club on Woodward.

“Developers have been consistently entering the market to purchase older properties and eventually tear them down for re-development,” says Jackman. “With American Campus recently delivering a new project next door to the property, the acquisition was a strategic  purchase that offers the company the possibility of expanding to this site in the future.”

While The Plaza is an older community located next to several newer student housing communities, its strategic location across the street from FSU's campus and competitive unit pricing have helped it maintain strong occupancy and cash flows. The 187,480-square-foot student housing property is located at 982 West Brevard Street in Tallahassee.