March 20, 2024
Inland Acquisitions Closes Joint Venture of a Student Housing QOZ Development Near Florida State
Conveniently located at the northeast border of FSU campus, the seven-story property will include 367 units and 1,316 beds in studio through six-bedroom floor plans.

Inland Real Estate

Inland Real Estate Acquisitions, LLC (“Inland Acquisitions”) announced today that it negotiated and closed a joint venture for a student housing development in Tallahassee, Florida. Mark Cosenza, senior vice president of Inland Acquisitions, with assistance from David Neboyskey, VP and associate counsel of The Inland Real Estate Group, LLC, Law Department, completed the transaction on behalf of an Inland affiliate.

The site, located in a qualified opportunity zone (“QOZ”), will be developed into a purpose-built student housing property, named Hub Tallahassee, near the Florida State University (“FSU”) campus pursuant to a joint venture between the Inland affiliate and co-developers Core Spaces and Peerless Development.

“The university and site location checked all the boxes for us,” said Cosenza. “Recent enrollment trends, coupled with the fact that there is no requirement for on-campus living, has created a significant supply shortage of purpose-built student housing at FSU.”

Conveniently located at the northeast border of FSU campus, the seven-story property will include 367 units and 1,316 beds in studio through six-bedroom floor plans. Hub Tallahassee will also feature a top-of-market amenity package including a resort-style rooftop pool deck, fitness center and spa, private study rooms and adjacent parking.

“As enrollment has continued to grow, we saw an opportunity to not only bring additional beds to the market, but to also bring a next-level living experience to FSU students through our Hub brand,” said Austin Pagnotta, director of acquisitions at Core Spaces. “We’re thrilled to grow our relationship with a trusted, long-term partner in Inland and begin our partnership with Peerless. We look forward to welcoming residents to Hub Tallahassee in 2026,” added Brendan Miller, chief investment officer of Student Housing at Core Spaces.

Construction of the student housing property has commenced and is expected to open in Fall 2026. Core Spaces and Peerless Development are co-developers on the project with Juneau Construction Company serving as general contractor and Niles Bolton as architect and designer.

Ian Bradley of TSB Capital Advisors secured the loan for the transaction.

“While student housing is a preferred asset class in the capital markets today, bank financing for construction loans of this size is tough to come by,” said Bradley. “This three-bank execution is a testament to the strength of the sponsorship and student housing experience that Inland and Core Spaces bring to the table.”

FSU, an Atlantic Coast Conference university, has experienced consistent growth in enrollment over the last five years, which has led to record-setting occupancy rates for off-campus student housing product throughout the market. As of 2022, FSU ranked as a “Top 20 Public University” by U.S. News and World Report

Since inception, Inland Acquisitions has facilitated more than $55 billion of purchases across all asset types, with a more recent focus on student housing, multifamily, self-storage, senior living and manufactured housing communities.

 

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About Inland Real Estate Acquisitions, LLC

Inland Real Estate Acquisitions, LLC assists in identifying potential acquisition opportunities, negotiates acquisition-related contracts and acquires real estate assets for the various entities that are a part of The Inland Real Estate Group of Companies, Inc., one of the nation’s largest commercial real estate and finance groups, which is comprised of independent legal entities, some of which may be affiliates, share some common ownership or have been sponsored and managed by such entities or subsidiaries thereof (collectively, “Inland”). For additional information, please refer to Inland’s website at www.inlandgroup.com.

About Core Spaces

Core Spaces (Core) is more than a real estate company, it’s a people company. Where building relationships is just as important as building properties. From researchers and architects to designers and operators, Core is made up of risk takers and dreamers who are on a mission to invent the future of living. Everything Core does stems from this culture of collaboration and innovation, and the drive to constantly improve the resident experience. This unique approach has led to creating spaces and services that are redefining the way people live. 

Founded in 2010, Core is a vertically integrated company focused on acquiring, developing, managing, and lending across the student housing and build-to-rent (“BTR”) sectors. Its residential communities feature world-class amenities, progressive design, and hospitality-driven client service. In its award-winning student portfolio, Core currently owns and/or manages over 37,400 beds – and has a pipeline of over 35,000 beds in various stages of development. Core’s BTR division currently has approximately 4,000 homes under development and in its pipeline in high growth metros across the country. For more information, visit www.corespaces.com.

About Peerless Development:

Peerless Development is a process-oriented and result-driven real estate development firm that provides creative solutions to complex problems. Our team includes real estate, financial, and architectural professionals. Since 2009, we have produced reliable and consistent results that make our investors. With a goal of making data-driven investment decisions that maximize value, we never lose sight of developing spaces that are aesthetically balanced, functional, and capable of enduring the test of time. For additional information, please visit www.peerlessdev.com

About TSB Capital Advisors

TSB Capital Advisors is the national leader in student housing and multifamily real estate advisory services, with offices in Phoenix, Arizona (headquarters) and Paoli, Pennsylvania. Since its creation in 2009, TSB Capital Advisors has helped close over 500 deals and more than $60 billion in student housing and multifamily transactions.

Alyssa Campbell
Director of Media Relations
Phone: 630-218-2887
Website | Email

 

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