Marcus & Millichap brokers the sale of a 118-bed student housing portfolio in Tallahassee for $12.7 million

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Brooklyn Yard Portfolio
Marcus & Millichap announced the sale of Brooklyn Yard Portfolio, a 118-bed, 54-unit, student housing portfolio located in Tallahassee, Florida.

Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of Brooklyn Yard Portfolio, a 118-bed, 54-unit, student housing portfolio located in Tallahassee, Florida. The portfolio sold for $12,652,000.

“Our team is pleased to announce the closing of the Brooklyn Yard Portfolio, which is located directly on FAMU Way. This transaction not only represents a major disposition for the Sellers, but marked a first-of-its-kind acquisition for the Buyer, Florida A&M University” said, Benjamin Skinner, Senior Associate in Marcus & Millichap’s Orlando office. “This transaction marked the first time Florida A&M has acquired existing assets to add to their on-campus housing stock, a decision largely driven by their larger than expected freshman enrollment that caused hundreds of students to search for off-campus housing options further from campus. In conjunction with the University’s comprehensive housing plan, the acquisition of this portfolio should position the University to better accommodate future enrollment growth” said, Matthew Prozzillo, a Senior Associate in Marcus & Millichap’s Orlando office. Skinner and Matthew Prozzillo had the exclusive listing to market the Portfolio on behalf of the seller, a private investment fund who focuses largely on student housing and multifamily investments across the Southeastern United States.

Brooklyn Yard Portfolio is comprised of Twelve-Twenty Brooklyn Yard, Paces at Brooklyn Yard, Lighthouse at Brooklyn Yard and an additional plot of 1.30 +/- acres of developable land. The portfolio is fully renovated, and the units consist of stainless-steel appliances, granite countertops, new light fixtures, vinyl plank flooring, in unit washer/dryer appliances, and more. The portfolio is centrally located in a prime location along FAMU Way and across the street from Florida A&M University. Additionally, the portfolio is within a five-minute drive of all major Tallahassee student destinations.