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(Crystal Proenza is associate editor of Real Estate Florida.)

TALLAHASSEE, FL-A joint venture between Gainesville-based Collier Cos. and an alternative property fund managed by JP Morgan Asset Management have acquired West 10, a 312-unit luxury student residential complex, for $43.8 million. CB Richard Ellis’ Jacksonville multihousing group sold the property, located at 2614 W. Tennessee St., on behalf of Wood Partners. James Tramuto with CBRE Capital Markets assisted Collier with procuring an investment partner, and arranged debt and equity for the transaction.

The upscale property is two miles from the main campus of Florida State University, one mile from Tallahassee Community College and five miles from Florida A&M University. The 876-bed residence features one- to four-bedroom units with a corresponding number of bathrooms and an average unit size of just under 1,400 sf. Average monthly rental rates are $575 per bed, according to Ryan Reid, senior vice president with CBRE. The property is 98% occupied.

“We believe it to be the premiere by-the-bed student housing asset in Tallahassee,” says Andy Hogshead, chief operating officer at Collier Cos. West 10 was built in 2006 and includes amenities such as a clubhouse with media room, game room, computer center, state-of-the-art fitness center, volleyball court, indoor basketball court and resort-style pool.

“We’re continuing to see capital showing interest in student housing, primarily due to the fact that the product type tends to be more recession-resilient in a down economy,” Reid tells GlobeSt.com. Collier Cos. owns approximately 1,500 residential units in the Tallahassee market, according to Hogshead, and looks to acquire additional conventional garden-type properties in the future.

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