Strategic Student & Senior Housing Trust, Inc., a private real estate investment trust sponsored by SmartStop Asset Management LLC, acquired The Domain at Tallahassee, a 125-unit, 434-bed student housing property located one block from the campus of Florida State University in Tallahassee, Florida. The acquisition is the second for Strategic Student & Senior Housing Trust, raising its portfolio value to approximately $104.5 million, based on aggregate purchase price. The purchase price was not disclosed.
“The Domain at Tallahassee is a purpose-built, newly constructed and 100 percent leased student housing community located just a short walk away from Florida State University, which has more than 41,000 students,” said CEO H. Michael Schwartz. “The amenities-rich, Class A property features a modern suburban-wrap design, and fits well with our acquisition strategy of acquiring core, stabilized student housing assets adjacent to Tier 1 universities.”
Floor plans at the property range from one to four bedrooms, and each fully furnished unit includes one bathroom per bedroom. Community amenities include secure access, a 24-hour fitness facility, resort style pool, computer center, private study rooms, coffee bar and more. Incorporated throughout the property is a fiber optic cable with broadband speeds of one gigabit per second, which supports connectivity to multiple devices at a time.
Asset Campus Housing serves as the third-party manager of The Domain at Tallahassee. The property was developed by Asset Plus Companies, an affiliate of Asset Campus Housing, which requested SmartStop bid on the student housing community.
Founded in 1851, Florida State University has more than 41,000 students from every Florida county and 140 countries.
The DI Wire reported last week that Strategic Student & Senior Housing Trust filed a registration statement to launch a $1 billion non-traded real estate investment trust.
Strategic Student & Senior Housing Trust focuses on the acquisition of income-producing, Class A student housing and senior housing communities.