CBRE Multifamily is pleased to present the January 2019 Florida State Student Housing Report. In this report you will find information and data regarding:
Enrollment trends
Florida State's historically high academic rankings
The highly anticipated Arena District Development (home to the future Legacy Hall College of Business)
2018/19 "State of the Market" student housing survey
Supply trends
On and Off-Campus rental trends
2. BENJAMIN N. SKINNER
ASSOCIATE – STUDENT MARKETS
MATTHEW W. PROZZILLO
ASSOCIATE – STUDENT MARKETS
Benjamin Skinner is an Investment Associate in CBRE's
Tampa, Florida office. Prior to CBRE Capital Markets,
Benjamin worked with IPA Development and Carriera
Regan of Marcus & Millichap. As an Investment Associate,
Benjamin exclusively represents buyers and sellers of
student housing properties throughout the Southeast.
Benjamin has more than four years of experience in the
real estate development, brokerage and advisory industries
and has worked on multifamily, student housing and
institutional mixed-use real estate valued at over $4
billion.
Benjamin has achieved multiple awards and distinctions
from real estate organizations, including the Harold E.
Eisenberg Foundation and the International Council of
Shopping Centers (ICSC). He graduated with a finance and
real estate degree from the University of Illinois Urbana-
Champaign. Benjamin holds a real estate license in Florida
and is an active member of the Urban Land Institution.
Matthew Prozzillo is an Investment Associate at CBRE
Capital Markets. Prior to CBRE Capital Markets, Prozzillo
excelled as an Investment Associate/Multifamily Specialist
with Carriera Regan of Marcus & Millichap in Tampa Bay,
Florida. In this role, he exclusively represented buyers and
sellers of student housing and market rate properties
throughout the Southeast and multifamily properties
throughout the North/Central Florida markets. Prozzillo
has been involved in market rate and student housing
transactions valued over $4 billion.
Prozzillo graduated with a Bachelor of Science in Finance
with a concentration in Real Estate from Florida State
University. He was also a member of the FSU Real Estate
Society and served as a Founding Father of Phi Gamma
Delta Fraternity. Prozzillo holds a real estate license in
Florida and is currently an active member of Urban Land
Institute.
Florida State University JANUARY 2019 MARKET ANALYSIS CBRE MULTIFAMILY
CBREFLORIDAMULTIFAMILY
STUDENTMARKETS–ABOUTUS
5. -1.5%
-1.0%
-0.5%
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
36,000
37,000
38,000
39,000
40,000
41,000
42,000
43,000
44,000
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018F 2019F 2020F 2021F 2022F
Enrollment(L) Enrollment Growth(R)
JANUARY 2019 MARKET ANALYSIS CBRE MULTIFAMILY
MARKET DATA
ENROLLMENT TRENDS
TOTAL ENROLLMENT AND ENROLLMENT GROWTH
41,368
TOTAL
ENROLLMENT
56%
2017
ACCEPTANCE RATE
32,323
UNDERGRAD
ENROLLMENT
$6,507
IN-STATE
TUITION
8,439
GRADUATE
ENROLLMENT
$21,673
OUT-OF-STATE
TUITION
0.5%
YoY ENROLLMENT
GROWTH
27
AVERAGE
ACT SCORE
3.95
AVERAGE
HIGH SCHOOL GPA
35.84%
YoY APPLICATION
GROWTH
KEY TAKEAWAYS
1) Enrollment is expected to increase by approximately 530 new students per year over the coming years as the university continues to raise
its standards on incoming freshman and its rankings amongst other universities
Florida State University
2) As of February 2018, Florida State received over 48,000 applications, representing a 35.84% year-over-year increase from 2017
6. FLORIDA STATE UNIVERSITY
UNIVERSITY FACTS
#1 SPORTS MANAGEMENT - MASTERS
ACADEMIC RANKINGS
#5 INSURANCE
#11 REAL ESTATE
#18 HOSPITALITY (GLOBALLY)
#76 MOST INNOVATIVE SCHOOLS
41,368 TOTAL ENROLLMENT
UNIVERSITY DATA
32,323 UNDERGRADUATE ENROLLMENT
8,439 GRADUATE ENROLLMENT
$584M 2016 ENDOWMENT
#44 COLLEGE OF BUSINESS
JANUARY 2019 MARKET ANALYSIS CBRE MULTIFAMILY
#26 TOP PUBLIC SCHOOLS
#37 BEST COLLEGES FOR VETERANS
#1 CRIMINOLOGY/CRIMINAL JUSTICE
Florida State University
ATHLETIC DATA
18 NCAA DIVISION I SPORTS TEAMS
16 NCAA NATIONAL CHAMPIONSHIPS
82 ACC CHAMPIONSHIPS SINCE 1992
7. JANUARY 2019 MARKET ANALYSIS CBRE MULTIFAMILY
FLORIDA STATE UNIVERSITY
ARENA DISTRICT REDEVELOPMENT & FUTURE COLLEGE OF BUSINESS
Florida State University
LEGACY HALL COLLEGE OF BUSINESS
9. JANUARY 2019 MARKET ANALYSIS CBRE MULTIFAMILY
STUDENT HOUSING SURVEY
Florida State University
Freshman Graduate Junior Senior Sophomore
WHAT IS YOUR
CLASS STANDING?
21%
37%
38%
1%3%
Bike Drive Scoot Walk Would walk if I could walk
HOW DO YOU
COMMUTE TO CLASS?
49%
33%
6%
3%8%
2x2 3x3 4x4
54%
9%
37%
WHICH UNIT TYPE WOULD
YOU PREFER TO LIVE IN?
36%
24%
18%
13%
9%
0% 5% 10% 15% 20% 25% 30% 35% 40%
West of Stadium
College Town
Other
College Ave. Area
Frenchtown
WHICH SUBMARKET DO YOU CURRENTLY LIVE IN?
5%
65%
3%
24%
4%
0% 10% 20% 30% 40% 50% 60% 70%
West of Stadium
College Town
Other
College Ave. Area
Frenchtown
WHICH SUBMARKET DO YOU PREFER TO LIVE IN?
Methodology: This student housing survey was done in conjunction with the Florida State Student
Real Estate Society in order to best gauge the consumer (tenant) preferences in the Florida State
University student housing market.
11. JANUARY 2019 MARKET ANALYSIS CBRE MULTIFAMILY
SUPPLY PIPELINE
SUPPLY MAP AND OVERVIEW
Florida State University
1 THE LAB AT TALLAHASSEE
2 NINE AT TALLAHASSEE
5 MOSLEY PLACE
4 THE FLEX – STADIUM CENTRE
7 HAVEN
8 1119 GAINES STREET
PARK PLACE TALLAHASSEE
3 STANDARD AT TALLAHASSEE
6 TRINITAS STUDENT HOUSING
9 EPPES REDEVELOPMENT
10
PROJECT GARNET11
SOHO LIVING TALLAHASSEE12
DIXE DRIVE APARTMENTS
NINE AT TALLAHASSEE II
14
13
12. PROPERTY NAME DEVELOPER COMPLETION UNITS BEDS
1) The Lab at Tallahassee The Treo Group Aug-19 272 891
2) Nine at Tallahassee 908 Group Aug-19 104 439
3) Standard at Tallahassee Landmark Properties Aug-19 252 874
4) The Flex - Stadium Center North American Properties Aug-19 78 335
5) Mosley Place Zimmer Development Company Aug-19 149 565
6) Trinitas Student Housing Trinitas Ventures Aug-20 257 705
7) Haven Haven Campus Communities Aug-20 210 702
8) 1119 Gaines Street Seminole Boosters Inc. N/A 115 388
9) Eppes Redevelopment The Naumann Group N/A 49 196
10) Park Place Tallahassee Park 7 Group N/A 173 518
11) Project Garnet Capstone Collegiate Communities N/A 192 619
12) Soho Living Tallahassee RealInvest Holdings Corp. N/A 42 150
13) Nine at Tallahassee Phase II 908 Group N/A 48 228
14) Dixie Drive Apartments N/A N/A 120 360
TOTALS 2,061 6,970
JANUARY 2019 MARKET ANALYSIS CBRE MULTIFAMILY
SUPPLY PIPELINE
SUPPLY DATA AND TRENDS
Florida State University
KEY TAKEAWAY
Regarding market absorption and supply risk, it is critical to look at The Nine at Tallahassee, which will be delivered in August 2019. The Nine hit
100% preleased with market leading rents by Thanksgiving break, Indicating the FSU market has greater demand in the CollegeTown submarket
than the broader market believes.
3,866
1,456 1,648
0
1,000
2,000
3,000
4,000
5,000
Planned Under construction Under construction / Lease up
NUMBEROFBEDS
14. -1.5%
-1.0%
-0.5%
0.0%
0.5%
1.0%
1.5%
2.0%
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
70.0%
80.0%
90.0%
100.0%
Prelease %(L) Rent Growth(R)
JANUARY 2019 MARKET ANALYSIS CBRE MULTIFAMILY
EFFECTIVE RENT/BED COMPARISON
PRELEASE OCCUPANCY TRENDS
FLORIDA STATE UNIVERSITY RENTAL DATA
OFF-CAMPUS HOUSING TRENDS
Florida State University
$751
$748
$534
$534
$100 $200 $300 $400 $500 $600 $700 $800
ON-CAMPUS HOUSING
<0.5 MILES
>=0.5 AND <1.0 MILES
>=1.0 MILES
$753
AVERAGE
ON-CAMPUS
RENT
$748
AVERAGE
OFF-CAMPUS
EFFECTIVE RENT
< 0.5 MILES
100%
AVERAGE
ON-CAMPUS
OCCUPANCY
93.4%
AVERAGE
OFF-CAMPUS
OCCUPANCY
$516
AVERAGE
OFF-CAMPUS
EFFECTIVE RENT
>= AND < 1.0 MILES
$531
AVERAGE
OFF-CAMPUS
EFFECTIVE RENT
>= 1.0 MILES
15. Property Unit Type Bedroom Bathroom Net Rent/Bed
Traditions Hall 2x1 Private Shared $867
Various Residence Halls* Single Suite Private Private $863
Various Residence Halls* Double Suite Shared Private $831
McCollum Hall 1x1 Private Private $829
Ragans Hall 4x2 Private Shared $812
Salley Hall Single Suite Private Shared $760
Various Residence Halls* Double Suite Shared Shared $736
Various Residence Halls* Single Suite Private Shared $731
Various Residence Halls* Triple Suite Shared Private $731
Various Residence Halls* Quad Suite Shared Private $731
Various Residence Halls* Triple Suite Shared Shared $689
McCollum Hall 2x1 Shared Shared $680
Salley Hall Double Suite Shared Shared $666
Rogers Hall 1x1 Shared Shared $586
Averages $751
* Indicates rents for Azalea, Broward, Bryan, Cawthon, DeGraff, Deviney, Dorman, Gilchrist, Jennie, Murphree, Landis, Magnolia, Reynolds, and Wildwood Halls
Sorted by Net Rent
JANUARY 2019 MARKET ANALYSIS CBRE MULTIFAMILY
FLORIDA STATE UNIVERSITY RENTAL DATA
ON-CAMPUS HOUSING TRENDS
Florida State University
17. JANUARY 2019 MARKET ANALYSIS CBRE MULTIFAMILY
RELEVANT SALES COMPARABLES
Florida State University
THE DOMAIN AT TALLAHASSEE 700 W VIRGINIA STREET
WOODLANDS (PORTFOLIO) 2195 W TENNESSEE STREET
YEAR BUILT: 2014
SALES DATE: 03/26/2017
NUMBER OF UNITS/BEDS: 135/405
SALE PRICE: $59,264,595
SALE $/BED: $146,332
YEAR BUILT: 2017
SALES DATE: 09/28/2017
NUMBER OF UNITS/BEDS: 125/434
SALE PRICE: $47,500,000
SALE $/BED: $109,447
1
2
THE EDGE (STADIUM CENTRE) 705 W MADISON STREET
ASHBURN HILLS APARTMENTS 1610 BELLE VUE WAY
YEAR BUILT: 2001
SALES DATE: 02/23/2018
NUMBER OF UNITS/BEDS: 10/30
SALE PRICE: $4,300,000
SALE $/BED: $143,333
YEAR BUILT: 2018
SALES DATE: 08/01/2018
NUMBER OF UNITS/BEDS: 111/412
SALE PRICE: $39,500,000
SALE $/BED: $95,874
3
4
1
2
3
4
*Represents a sale at CO
