CitiVue | Elevate Student Housing Portfolio
SP Multifamily Group of Marcus & Millichap is pleased to present qualified investors with the opportunity to acquire CitiVue and Elevate, a 108-unit/216-bed student housing portfolio located within walking proximity to Florida State University, Florida A&M University, and the premier College Town District. The Portfolio was constructed in 2002, and consists of highly sought after two-bedroom/two-bathroom units. With their unparalleled locations, CitiVue and Elevate are well-positioned to cater to the 53,137 student population, and provides those students with direct walkability to the shopping, restaurants, and bars located within College Town, the Railroad Square Art District, and Downtown Tallahassee.
Property tours are by appointment only. Please contact one of the listing brokers below to schedule tours.
108
UNITS
216
BEDS
4.20 +/-
ACRES
89,300
SQFT
2002
YEAR BUILT
PRICED AT MARKET BID
VITAL PROPERTY DATA
CITIVUE ADDRESS: 600 Eugenia Drive, Tallahassee, FL
ELEVATE ADDRESS: 410 West Van Buren Street, Tallahassee, FL
NUMBER OF UNITS: 108 Units
NUMBER OF BEDS: 216 Beds
RENTABLE SQUARE FOOT: 89,300 SF
AVERAGE UNIT SIZE: 827 SF
NUMBER OF BUILDINGS: (32) Residential
PARKING SURFACE: Asphalt
LOT SIZE: 4.20 Acres +/-
FINANCING: Free and Clear
HIGH PERFORMING ASSET WITH AN IRREPLACABLE UNIT MIX
Highly desirable and rare student housing unit mix consisting of 100% two-bedroom floorplans, positioned to further benefit from social distancing
Successfully Caters to Florida State University, Florida A&M University, and Tallahassee Community College (65,988 Students)
Premier Walkable Location Between Florida State University, College Town, and Florida A&M University
Ownership has successfully increased average effective rents by 26% since acquiring the asset in early 2019
Ownership has renovated 67 of the 108 units since acquiring the asset (total of 76 units now renovated)
CitiVue’s & Elevate’s Avg. effective rents are 36% & 37% below direct market comparables, respectively
Ability to finish interior renovations on 34 units, and to further increase rents by 29%, while remaining 37% below direct market comparables
HIGHLY ACCESSIBLE, CENTRALIZED LOCATION
1-Minute to Florida A&M University (9,184 Students)
1-Minute to the Railroad Square Art District
1-Minute to the College Town District
1-Minute to the Railroad Square Craft House (Craft Beer and Wine)
2-Minutes to Proof Brewing Company
2-Minutes to the FSU Intramural Fields
2-Minutes to Madison Social and the College Town Nightlife Destinations
3-Minutes to Florida State University (43,953 Students)
3-Minutes to Downtown Tallahassee (Florida State Capital)
3-Minutes to the $150M+ Cascades Mixed-Use Development
3-Minutes to Donald Tucker Civic Center (FSU Basketball)
4-Minutes to Doak Campbell Stadium (FSU Football)
5-Minutes to “The Strip” Student Nightlife Destinations
TALLAHASSEE: A GROWTH MARKET
Florida State University YoY Enrollment Growth Rate: 2.51% (Fall 2020)
Florida State University Two-Year Application Growth: 59.33%
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
Jhamil Moore
Investment Associate
O. (407) 557-3830
Jhamil.Moore@marcusmillichap.com
Contact an Agent Listed Above to Schedule Property Tours