CLICK HERE TO READ MORE ABOUT THIS OPPORTUNITY
Capstone Apartment Partners is pleased to present Governor’s Square, a high performing 1970’s vintage asset with immediate value-add potential in Tallahassee, Florida. Governor’s Square represents a rare opportunity to acquire an ideally positioned asset with significant physical and operational value-add potential that offers a desirable mix of 1BR, 2BR, and 3BR unit floorplans in a growing market.
Governor’s Square is currently 95.0% occupied (as of 02/26/2016), while possessing significant upside potential through various enhancement programs commensurate to what has taken place at nearby rental competition within the Tallahassee market. Additionally, current ownership has implemented a utility reimbursement system as of February 2016, which will provide $110,00 in additional revenue growth once it is fully implemented through the recapture of the utilities expense.
Governor’s Square Apartments also has in-place assumable debt at very attractive terms relative to the current debt markets.
These factors, combined with the continually improving multi-family market in Florida, positions Governor’s Square to be an excellent opportunity to acquire a well-performing asset with immediate value-add potential.
Highly Desirable Location
Recent Operational Efficiencies
Value Driving Property Improvement Program
Water Reimbursement Program in Process
Property Type: Garden-Style
Number of Units: 168
Year of Construction: 1975
Rentable Square Feet: 145,800
Average Unit Size (Sq. Ft.): 868
Average Rent per Unit: $665
Average Rent per Square Foot: $0.77
Sales Terms: Assumable Financing
Offering Price: TBD by Market