BROOKLYN YARD PORTFOLIO

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SP Multifamily Group of Marcus & Millichap is pleased to present qualified investors with the opportunity to acquire The Brooklyn Yard Portfolio in Tallahassee, FL, centrally located between Florida State University and Florida Agricultural and Mechanical University which combine for more than 53,000 students. The Brooklyn Yard Portfolio consists of three assets: 1220 Brooklyn Yard, Lighthouse at Brooklyn Yard and Paces at Brooklyn Yard, which add up to a total of 54-units/118-beds. Current ownership has invested over $2 million of capex into the exteriors and interiors of the units in the last two years. All units are renovated and consist of stainless-steel appliances, vinyl plank flooring, granite or resurfaced countertops, new light fixtures, furniture, and more. Current ownership added an additional bathroom to all 2x1’s at 1220 Brooklyn Yard in 2021 to create bed/bath parity for student renters. A buyer’s upside is to increase rents by 20% to be competitive within the central Tallahassee market, all while remaining $350+ below the average of the market comps. In addition to the rental upside, current owner has fully approved plans to add an additional 13-unit/23-bedroom building onsite at 1220 Brooklyn Yard. Although this additional building is optional for a new buyer, the addition of these 13-units is projected to increase topline revenue by $230,000 annually. Currently, this portfolio is 100% preleased for the 2022/2023 academic year.

Property tours are by appointment only. Please contact one of the listing brokers below to schedule tours.

54 | 118
UNITS | BEDS

49,026
SQFT

1973/2006/2007
YEAR BUILT

2020/2021/2022
YEAR RENOVATED

PRICED AT
MARKET BID

VITAL PROPERTY DATA

  • Property Addresses: Multiple Addresses

  • NUMBER OF UNITS: 54 Units

  • NUMBER OF BEDS: 118 Beds

  • RENTABLE SQUARE FOOT: 49,026 SF

  • AVERAGE UNIT SIZE: 908 SF

  • NUMBER OF BUILDINGS: (8) Residential

  • LOT SIZE: 2.54 Acres +/-

  • FINANCING: Free and Clear

FULLY RENOVATED UNITS WITH RENTAL UPSIDE

  • 54-Unit/118-Bed Student Housing Portfolio catering to FSU, FAMU and TCC

  • 100% Preleased for 2022/2023 Academic Year

  • Over $2 Million in Recent Capex (2020/2021/2022) for Interior and Exterior Renovations and Converting all 2x1s to 2x2s at 1220 Brooklyn Yard

  • Fully Approved Plans Available to Build an additional 23 Townhome Units On-site at 1220 Brooklyn Yard (See Pg. 14)

  • Fully Renovated Units Consist of Stainless-Steel Appliances, Granite or Resurfaced Countertops, New Light Fixtures, Vinyl Plank Flooring, and More

  • Potential 20% Rental Increase Available, While Still Staying $350 Below the Average of Market Comps

  • Superior Unit Mix of 1x1s, 2x2s, 3x3 Townhomes, and 3x3.5 Townhomes Which Caters to All Tenants in The Market

  • Ideal Location on The Newly Completed FAMU Way, Located Between Florida State University & Florida A&M University (53,137 Students)

  • Centrally Located within 5-Minutes of All Major Tallahassee Student Destinations

HIGHLY ACCESSIBLE, CENTRALIZED LOCATION

  • Across the Street from Florida A&M University (9,184 Students)

  • 1-Minutes to the Railroad Square Craft House (Craft Beer and Wine)

  • 1-Minute to the Railroad Square Art District

  • 2-Minutes to the site of the New FSU College Of Business Legacy Hall

  • 2-Minutes to Madison Social and the College Town Nightlife Destinations

  • 3-Minutes to the $150M+ Cascades Mixed-Use Development

  • 3-Minutes to Proof Brewing Company

  • 3-Minutes to Donald Tucker Civic Center (FSU Basketball)

  • 4-Minutes to Doak Campbell Stadium (FSU Football)

  • 4-Minutes to Florida State University (43,953 Students)

  • 4-Minutes to Downtown Tallahassee (Florida State Capital)3-Minutes to Donald Tucker Civic Center (FSU Basketball)

  • 4-Minutes to Doak Campbell Stadium (FSU Football)

  • 4-Minutes to Florida State University (43,953 Students)

  • 4-Minutes to Downtown Tallahassee (Florida State Capital)

TALLAHASSEE: A GROWTH MARKET

  • 18th Best College Town in the U.S. (Best College Reviews)

  • Top 100 Real Estate Markets to Watch in 2020 (Buildium)

  • Fastest Growing Economy Per Capita in Florida (U.S. Dept. of Commerce)

  • Top 10 Real Estate Market to Watch in 2019

  • 7th Largest City in Florida

  • 11th Most Educated City in the U.S. (Forbes)

DEAL TEAM CONTACTS

Benjamin Skinner
Associate Director | Senior Investment Associate
O. (407) 557-3889
Benjamin.Skinner@marcusmillichap.com

Matthew Prozzillo
Associate Director | Senior Investment Associate
O. (407) 557-3888
Matthew.Prozzillo@marcusmillichap.com

Contact an Agent Listed Above to Schedule Property Tours