Balfour Beatty Expands Student Housing Portfolio with Acquisition of 592 Bed Property in Tallahassee

Balfour Beatty announced today that it has acquired a 168-unit/592-bed student housing community in Tallahassee, Florida. The acquisition expands the company’s overall Florida footprint to 12 residential properties. The property will be managed internally by the Company’s residential management division, Balfour Beatty Communities.

Oktiv, previously known as The Quarters at Tallahassee, offers off-campus living to students enrolled at Florida State University, Florida A&M University and Tallahassee Community College. Six unique floor plan options feature a variety of modern amenities, including in-unit washer and dryer, updated cabinetry, stainless steel appliances, granite countertops and spacious balconies.

Oktiv is ideally positioned approximately one mile from the campus of Florida State University, and nearby to Tallahassee Community College and Florida A&M University. The convenient location is also within walking distance to the Ocala Corners shopping center, a short drive from the Tallahassee International Airport, and provides easy access to all things FSU athletics.

Mike Price, Executive Vice President of Residential Housing at Balfour Beatty said: “We are pleased to complete this acquisition and continue to expand our portfolio, with a balanced mix of student housing and multifamily assets.

“Our team is excited to bring Balfour Beatty’s exceptional living experience to the student community in Tallahassee.”

The acquisition financing was arranged by Berkadia and funded by an affiliate of Walton Street Capital, L.L.C.

Aaron Cardwell, Senior Managing Director at Berkadia said: "We are excited to assist Balfour Beatty to optimize their cost of financing. The efficiency of the expert team was particularly impressive, and we look forward to assisting them again as the company grows its portfolio.” Corey Chamberlain, Principal at Walton Street said: “We are excited to expand our lending relationship with Balfour Beatty by providing financing for a student housing community serving universities with strong fundamentals,” said Corey Chamberlain, Principal with Walton Street