Tallahassee, Fla. — The $43.5 million acquisition is the largest deal by a non-REIT, according to the new firm.
A newly formed joint venture between Calidus, Pebb Capital and Pragma Investments has purchased 3,155 beds at Florida State University in Tallahassee. The new company, Collegium Capital Partners, paid $43.5 million for the beds and has set aside capital for a multi-million dollar renovation of the properties. CCRE, a commercial real estate finance company affiliated with Cantor Fitzgerald L.P., provided the acquisition financing as part of its new bridge lending program. The deal closed Aug. 7, 2014 and is one of the largest acquisitions by student housing bed count so far this year, according to Collegium.
The joint venture teams up three premier investors and operators of U.S.-based commercial real estate headquartered in Palm Beach County. Each member of the venture brings a particular skill set to the group. Calidus provides underwriting and asset management; Pebb brings capital, debt and equity resources; and Pragma oversees capital improvements and rebranding efforts. Collegium selected Peak Campus Management to provide full-service property management for the portfolio.