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Florida & Gulf Coast  + North Florida  + Senior Housing  |  November 22, 2022
Crescent Sky Capital has purchased the Vertex student housing complex in Tallahassee, FL for $16 million.
Lisa McDuffie
By: Lisa McDuffie

Crescent Sky Capital Drops $16M on Student Housing Community in Tallahassee

Crescent Sky Capital has completed its $16-million acquisition of Vertex, a 138-unit and 310-bed value-add student housing community less than half a mile away from Florida State University in Tallahassee, FL.

Travis Prince, Victoria Marks and Shawn Lubic of Cushman & Wakefield arranged the sale on behalf of the seller, Atlanta, GA-based Tioga Capital.

“This student housing community is a lucrative asset in a desirable pedestrian location within close proximity to the Florida State University campus and offers significant upside yielding immediate returns,” said Prince.

Vertex was built in 1968 and underwent property-wide renovations throughout 2021 and 2022. The six-building community offers a variety of student-centric amenities including two resort-style pools, fitness center and yoga studio, on-site laundry facilities, roommate matching service and dedicated FSU bus stop.

The property on Jackson Bluff Road offers redevelopment potential via a portion of the property that is currently being used as a second resident pool.

Read More News Stories About: Cushman & Wakefield
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Cushman & Wakefield's Prince

About Lisa McDuffie

Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group. When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.
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