SEMINOLE TRAILS APARTMENTS
SP Multifamily Group of Marcus & Millichap is pleased to present qualified investors with the opportunity to acquire Seminole Trails, a 256-unit/318-bed student housing community catering to Florida State University, Florida A&M University, and Tallahassee Community College. Seminole Trails was built between 1972 and 2005, and is one of the only student communities in Tallahassee that offers a majority of one and two bedroom units. The community has been institutionally owned and operated with nearly $2 Million in capital improvements completed since 2016. Transformational upgrades were made to the clubhouse, leasing center, and property signage, in addition to unit interior upgrades. Seminole Trails presents investors with the opportunity to obtain attractive returns immediately upon takeover, and additional upside through light upgrades to unit interiors. The community can be acquired below replacement cost and has favorable Fannie Mae debt that can be assumed.
Property tours are by appointment only. Please contact Ben Skinner or Matt Prozzillo to schedule tours.
256
UNITS
318
BEDS
160,000
SQFT
1972-2005
YEAR BUILT
MARKET BID
PRICE
VITAL PROPERTY DATA
PROPERTY ADDRESS: 205 White Drive, Tallahassee, FL
NUMBER OF UNITS/BEDS: 256 Units/318 Beds
RENTABLE SQUARE FOOT: 161,460 SF
AVERAGE UNIT SIZE: 631 SF
NUMBER OF BUILDINGS: (52) Residential, (1) Clubhouse
LOT SIZE: 11.04 Acres +/-
DENSITY: 23.19 +/- Units Per Acre
PARKING SPACE: 390 +/-
FINANCING: Assumable Debt/Free and Clear
HIGH PERFORMING ASSET WITH AN IRREPLACEABLE UNIT MIX
Highly desirable and rare student housing unit mix consisting of 90% one-bedrooms, 3% two-bedrooms, and only 7% four-bedrooms
Successfully Caters to Florida State, Florida A&M, and Tallahassee Community College (64,927 Students)
Strong four-year average historical occupancy above 98% with minimal concessions offered
Ownership has successfully increased rents by 21% since 2016, and realized a 5% YoY increase throughout the COVID-19 leasing season
Average effective rents 10%-36% below direct market comparables (Pg. 19 of the Offering Memorandum)
Average effective rents 34%-48% below indirect market comparables (Pg. 22 of the Offering Memorandum)
Ownership has invested $1.99 Million into the Asset since 2016
TALLAHASSEE | A GROWTH MARKET
Florida State University YoY Enrollment Growth Rate: 3.52%
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)
LOCATION OVERVIEW
Located directly on the Florida State University bus route
Excellent visibility (12,000 cars per day on White Drive)
41,500 AADT on West Tennessee Street (1-Minute from Property)
30,500 AADT on West Pensacola Street (1-Minute from Property)
1-Minute to the Pensacola Street Retail Corridor (35+ Restaurants)
2-Minutes to Florida State’s Fraternity Village (6+ Fraternity Houses)
2-Minutes to Tallahassee Community College Campus
3-Minutes to DoakCampbell Stadium (FSU Football)
4-Minutes to Florida State University Campus
5-Minutes to FSU/FAMU College of Engineering Campus
8-Minutes to Florida A&M University Campus
DEAL TEAM CONTACTS
Benjamin N. Skinner
Associate Director | Senior Investment Associate
O. (407) 557-3889
Benjamin.Skinner@marcusmillichap.com
Matthew W. Prozzillo
Associate Director | Senior Investment Associate
O. (407) 557-3888
Matthew.Prozzillo@marcusmillichap.com
DEBT TEAM CONTACTS
Nicole Patel
Director
O. (972) 755-5274
Nicole.Patel@markonecapital.com
Afshan Kabani
Associate Director
O. (972) 755-5304
Afshan.Kabani@markonecapital.com
