Tallahassee, Fla. Interwest Capital Corporation, a private equity firm specializing acquisition, operations and repositioning of commercial real estate, has closed escrow on the purchase of an 876-bed student housing complex in Tallahassee, Fla. CBRE’s National Student Housing Group of Ryan Lang, Jaclyn Fitts and Ryan Reid, brokered the transaction. The complex, West 10, is located next to Florida State University and Tallahassee Community College. Florida A&M University’s students are within three miles of West 10.
Originally built in 2006, West 10 includes nine garden-style residential buildings on 20 acres. The complex will undergo a major capital improvement campaign of its 11,500 square-foot clubhouse that includes a 2,500-square-foot air-conditioned indoor basketball court, adjoining outdoor pool and grounds area and some upgrades for the student units.
Exterior improvements may include an expanded pool area with new water features, fire pits, sand volleyball courts, hammocks and more. Anticipated completion of the project is year-end 2014.