Peak Named Property Manager for Five FSU Campus Properties

TALLAHASSEE, FL—Peak Campus Management of Atlanta has been selected as property manager for a five-property portfolio totaling 3,155 beds that serve students of Florida State University here.

The five student housing properties are Osceola Ridge, Osceola Suites, Park at Forest Ridge, The Park at Midtown and University Heights. They offer a mix of floor plans that range from one-bedrooms to four-bedrooms.

Peak Campus was hired by Collegium Capital Partners of West Palm Beach, FL, a joint venture between Calidus Holdings, Pebb Capital and Pragma Investments. The joint venture announced in September it had acquired the five-property portfolio in a $43.5-million transaction.

Osceola Ridge and Osceola Suites have a combined bed count of 756 with an amenity package that includes a clubhouse, swimming pool, fitness center, and Jacuzzi/hot tub. Park at Forest Ridge is a 947-bed property that offers a mix of amenities including a sand volleyball court, basketball court, golf simulator, rock wall, hot tub, swimming pool, fitness center and mini-theater. The Park at Midtown totals 576-beds and features a swimming pool, Jacuzzi/hot tub, volleyball court, basketball court, and covered parking. University Heights is a 876-bed property that offers units with in-unit washer/dryers, a swimming pool, fitness center, volleyball court, storage facilities, and covered parking. Significant capital improvements, including full rebranding, clubhouse renovations and unit improvements are planned at all five assets in the coming weeks and months, company officials say.

“We are delighted to be working with our new partners on these projects,” Bob Clark, president at Peak Campus Management says. “This particular portfolio further expands our management platform in the one of the largest markets in the country, and we are confident that our partners' planned improvements to the products, coupled with Peak Campus' management strategy, will do well in creating a world-class housing opportunity for students at Florida State University. Furthermore, this large portfolio transition, the closing of which took place the day before the annual turnover process began, further cements Peak Campus' capabilities in taking on complex assignments in high pressure situations.”

Benjamin MacFarland, partner at Collegium says, “In order for Collegium to execute on a portfolio of this size and complexity, which involved a complete management overhaul, we required a best-in-class student housing property manager. Peak stood out as the right choice and had the resources to put the boots on the ground and systems in place prior to our closing.” Peak Campus is currently well underway in leasing all of the properties for fall of 2015, the company states.