Tallahassee, Fla. — ACC plans to re-develop the close-to-campus site.
Tallahassee, Fla. — Colliers International brokered the sale of The Plaza apartments, recently purchased by American Campus Communities for $10.4 million. The 187,480-square foot complex was purchased for its location, across the street from Florida State's main campus, Colliers says. The apartments will be razed for a new development.
Dorothy Jackman and Travis Prince, managing directors of the Colliers International Student Housing Group, and Sean Baird, associate of the student housing group, handled the transaction between the seller, TREO Plaza and ACC.
"Developers have been consistently entering the market to purchase older properties and eventually tear them down for re-development," Jackman says. "With American Campus recently delivering a new project next door to the property, the acquisition was a strategic purchase that offers the company the possibility of expanding to this site in the future.