THE HIGHLANDS

CLICK HERE TO VIEW OFFERING MEMORANDUM

SP Multifamily Group of Marcus & Millichap is pleased to present qualified investors with the opportunity to acquire Highlands in Tallahassee, FL. Highlands is a 78-bed student housing asset comprised of four and five-bedroom townhome units built in 2017. Highlands was built with attention to detail and boasts nicer than usual interiors which include granite countertops, stainless steel appliances, vinyl plank flooring, shaker style cabinets, washer/dryer appliances, private entries and more. Property amenities include a fitness center, swimming pool with tanning deck, large grassy pet areas, and patios on each unit. Currently, the property is 100% occupied for the 2022/2023 academic year. A buyer’s upside within this asset is to change management companies and increase rents by $73/bed/month on average, which will position the rental rates to be competitive with the surrounding comparables. After increasing rents and changing management, a buyer should realize a mid-6% cap rate for the 2023/2024 academic year without having to infuse large amounts of capital.

Property tours are by appointment only. Please contact one of the listing brokers below to schedule tours. For questions related to debt financing, please contact a listing broker, as attractive debt quotes have been obtained for this opportunity.

17 | 78
UNITS | BEDS

38,080
SQFT

2017
YEAR BUILT

PRICED AT
MARKET BID

VITAL PROPERTY DATA

  • PROPERTY ADDRESS: 1824 Greentree Lane, Tallahassee, FL

  • NUMBER OF UNITS: 17

  • NUMBER OF BEDS: 78

  • RENTABLE SQUARE FOOT: 38,080 SF

  • AVERAGE UNIT SIZE: 1,750 SF

  • NUMBER OF BUILDINGS: (17) Residential (1) Community

  • LOT SIZE: 2.21 Acres +/-

  • FINANCING: Free and Clear

UPSIDE THROUGH OPERATIONAL VALUE ADD

  • 17-Unit/78-Bed Student Housing Asset located in Tallahassee Built in 2017

  • Ability to Increase NOI by 17% by Increasing Rents and Creating Operational Efficiencies Through Change of Management

  • The Property Boasts Large Units Consisting of 1,540 Sq. Ft. 4x4 Townhomes, 1877 Sq. Ft. and 2,072 Sq. Ft. 5x5 Townhomes

  • Interior Finishes Include Granite Countertops, Stainless Steel Appliances, Subway Tile Backsplash, Shaker Style Cabinets, and Vinyl Plank Flooring

  • Amenities include Cardio Center, Swimming Pool with Tanning Deck, Pet Area, Washer/Dryer Appliances in Each Unit, and Private Entries

  • Situated only 0.8 Miles from Florida State University’s West Side of Campus, comprised of the College of Medicine, College of Psychology, On Campus Gym and All Athletic Facilities

  • Located 0.4 Miles North of Tennessee Street, Providing Residents Easy Access to Restaurants and Retail, All Major Universities, and Downtown Tallahassee

  • Tallahassee is Home to Florida’s Capitol and Three Colleges/Universities, Which Account for More than 65,000+ Students and 16,000+ Employees

HIGHLY ACCESSIBLE, CENTRALIZED LOCATION

  • 1-Minute to the Retail and Restaurants of Tennessee Street

  • 2-Minutes to Ocala Corners Shopping Mall, Including Publix Supermarket

  • 4-Minutes to Florida State University (45,130 Students)

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

  • 5-Minutes to “The Strip” – Student Bars and Nightlife

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

  • 6-Minutes to Tallahassee Community College (16,242 Students)

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

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

  • 9-Minutes to the Railroad Square Art District

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

TALLAHASSEE: A HUB FOR HIGHER EDUCATION

  • Florida State University YoY Enrollment Growth Rate: 3.58% (Fall 2021)

  • Florida State University Two-Year Application Growth: 59.33%

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

  • Top 75 Real Estate Markets to Watch in 2022 (Buildium)

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

  • 8th Largest City in Florida

  • 18th 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