Oak Brook, Ill. – Inland Real Estate Acquisitions, LLC (“Inland Acquisitions”) announced today that it negotiated and closed a joint venture for a student housing development in Tallahassee, Florida. Mark Cosenza, senior vice president of Inland Acquisitions, with assistance from David Neboyskey, VP and associate counsel of The Inland Real Estate Group, LLC, Law Department, completed the transaction on behalf of an Inland affiliate.
Ian Bradley of TSB Capital Advisors secured the loan for the transaction.
The site, located in a qualified opportunity zone (“QOZ”), will be developed into a purpose-built student housing property, named Hub Tallahassee, near the Florida State University (“FSU”) campus pursuant to a joint venture between the Inland affiliate and co-developers Core Spaces and Peerless Development.
“The university and site location checked all the boxes for us,” said Cosenza. “Recent enrollment trends, coupled with the fact that there is no requirement for on-campus living, has created a significant supply shortage of purpose-built student housing at FSU.”
Conveniently located at the northeast border of FSU campus, the seven-story property will include 367 units and 1,316 beds in studio through six-bedroom floor plans. Hub Tallahassee will also feature a top-of-market amenity package including a resort-style rooftop pool deck, fitness center and spa, private study rooms and adjacent parking.
“As enrollment has continued to grow, we saw an opportunity to not only bring additional beds to the market, but to also bring a next-level living experience to FSU students through our Hub brand,” said Austin Pagnotta, director of acquisitions at Core Spaces. “We’re thrilled to grow our relationship with a trusted, long-term partner in Inland and begin our partnership with Peerless. We look forward to welcoming residents to Hub Tallahassee in 2026,” added Brendan Miller, chief investment officer of Student Housing at Core Spaces.
Construction of the student housing property has commenced and is expected to open in Fall 2026. Core Spaces and Peerless Development are co-developers on the project with Juneau Construction Company serving as general contractor and Niles Bolton as architect and designer.
“While student housing is a preferred asset class in the capital markets today, bank financing for construction loans of this size is tough to come by,” said Bradley. “This three-bank execution is a testament to the strength of the sponsorship and student housing experience that Inland and Core Spaces bring to the table.”
FSU, an Atlantic Coast Conference university, has experienced consistent growth in enrollment over the last five years, which has led to record-setting occupancy rates for off-campus student housing product throughout the market. As of 2022, FSU ranked as a “Top 20 Public University” by U.S. News and World Report.
Since inception, Inland Acquisitions has facilitated more than $55 billion of purchases across all asset types, with a more recent focus on student housing, multifamily, self-storage, senior living and manufactured housing communities.
