Tampa, Florida-based real estate company Franklin Street has boosted its national presence with the acquisition of a student housing investment sales team based in Cincinnati.
Franklin Street acquired the student housing investment sales team from California-based Marcus & Millichap. The eight-member team, formerly known as the Dumes Teets Mullowney Group, has facilitated nearly $2.5 billion in sales transactions totaling over 14 million square feet across 600 transactions.
This is the largest team acquisition since Franklin Street was founded in 2006, the company said in a release. The team comprises Joel Dumes, Patrick Mullowney, Kyle Teets, Seth Rosin, David Pierce, Jacob Bobo, Lauren Bounsall and Jake Westgerdes.
“This group’s impressive track record within the student housing sector, combined with our robust platform, will build trust among large, institutional and high-wealth investors, owners and operators,” said Gregory Matus, Franklin Street’s senior vice president of the company’s investment services group, in the release. Details of the acquisition were not disclosed.
The addition is the latest from the growing commercial real estate firm. Franklin Street has brought on over 34 senior-level producers over the past two years, and in August added a new chief revenue officer to help oversee the firm's growth.
The new team creates a “one-stop shop” for clients looking for debt, equity, property management or development, insurance or brokerage services, said Dumes, managing director of the new Student Housing Investment Sales group at Franklin Street, in the company release.
Franklin Street expects the student housing industry to remain “fundamentally sound,” citing record-high university applications and a shortage of off-campus housing options, the company said.
The new Cincinnati-based team marks the 10th market where Franklin Street now has an office. The company has added new offices across the southeastern United States, including in Austin, Texas; Charlotte, North Carolina; and Nashville, Tennessee.
Franklin Street is headquartered in Tampa's West Shore City neighborhood at 1311 N. Westshore Blvd.