THE COTTAGES AT MAGNOLIA | THE GARDENS

 
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SP Multifamily Group of Marcus & Millichap is pleased to present qualified investors with the opportunity to acquire The Cottages at Magnolia & The Gardens. This portfolio is a total of 54-units built in 2001, consisting of all 1,596 Sq. Ft. four-bedroom/four-bathroom units, and is located just two minutes south of Downtown Tallahassee. In the summer of 2020, current ownership converted the Property from student housing assets to conventional market rate assets. A new buyer has the ability to further capitalize on the conversion from student housing to market rate by infusing an additional $350,000 into the assets for interior renovations, exterior painting, rebranding and new fences with automatic gates. Upon completion of this renovation plan, a new buyer has the ability to increase rents 23% from the current average effective rents.

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

54
UNITS

86,184
SQFT

2001
YEAR BUILT

PRICED AT MARKET BID

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VITAL PROPERTY DATA

  • PROPERTY ADDRESS: 2205 Magnolia Circle | 401 Putnam Drive

  • CITY & STATE: Tallahassee, FL

  • NUMBER OF UNITS: 54 Units

  • RENTABLE SQUARE FOOT: 86,184 SF

  • AVERAGE UNIT SIZE: 1,596 SF

  • NUMBER OF BUILDINGS: (31) Residential

  • LOT SIZE: 7.12 Acres +/-

  • FINANCING: Free and Clear

GREAT VALUE ADD OPPORTUNITY

  • Ability To Further Capitalize on Current Ownership’s 2020 Conversion from Student Housing to Conventional Multifamily

  • Value Add Opportunity by Renovating Unit Interiors and Implementing an Exterior Renovation Plan, Allowing Avg. Effective Rents to Increase by 23%

  • Ability to Individually Meter or Implement RUBS Reimbursement on Remaining 27 Units. Currently, 27 Of the Units are Individually Metered for Water and Sewer.

  • Located On South Monroe Street, Which Provides Residents an Easy 1.1 Mile Drive Into Downtown Tallahassee and the State Capital Building

  • Tallahassee is Home to Three Universities, Which Account For More than 65,000+ Students and 16,000+ Employees

CONVENIENT SOUTHSIDE LOCATION

  • 1-Minute to Florida A&M University

  • 2-Minutes to the SOMO District (Multiple Restaurants & Proof Brewing Co.)

  • 2-Minutes to $150+ Million Cascades Redevelopment

  • 2-Minutes to Downtown Tallahassee & The State Capitol

  • 4-Minutes to Donald J. Tucker Civic Center

  • 5-Minutes to Railroad Square Art District

  • 5-Minutes to College Town Nightlife District

  • 5-Minutes to Governor’s Square Mall

  • 8-Minutes to Florida State Universit

  • 10-Minutes to Tallahassee International Airport

TALLAHASSEE: FLORIDA’S GROWING CAPITAL CITY

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

  • 7th Largest City in Florida

  • 8.9% Population Growth in 10 Years (US Census Bureau)

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

  • 33.4% Projected 10-Year Job Growth (Sperlings)

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

  • 194,500 Tallahassee Population (U.S. Census Bureau)

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

DEBT TEAM CONTACTS

Nicole Patel
Director | M&M Capital Corporation
O. (972) 755-5274
Nicole.Patel@markonecapital.com

Afshan Kabani
Associate Director | M&M Capital Corporation
O. (972) 755-5304
Afshan.Kabani@markonecapital.com