Balfour Beatty has acquired Oktiv, a 592-bed student housing property in Tallahassee, Fla. Tailwind Group sold the property for $51.3 million, Yardi Matrix data shows. Berkadia arranged the $33.3 million acquisition loan, financed by an affiliate of Walton Street Capital LLC, according to the same data provider. Balfour Beatty Communities will manage the property.
Formerly known as The Quarters at Tallahassee, the 2018-built property comprises 168 units with two-, four-bedroom and townhome floorplans, ranging from 809 to 1,862 square feet.
In-unit features include new cabinetry, balconies and laundry facilities. Community amenities include a swimming pool, poolside cabana with a fire pit, study rooms, business center, clubhouse and fitness center.
Located at 222 N. Ocala Road, the property is within a mile of Florida State University, 1.8 miles from Tallahassee Community College and 2.6 miles from Florida A&M University. Ocala Corners is within walking distance of the community, offering easy access to several retail, dining and entertainment options.
Balfour Beatty expanded its Florida footprint to a total of 12 residential communities. Last week, Balfour Beatty Campus Solutions, the firm’s student housing branch, unveiled plans for a $240 million, 1,200-bed on-campus project at William & Mary University in Williamsburg, Va. The company will break ground this month, with expected completion by the fall of 2025.
