Capstone Offering: Governor’s Square | 168 Units in Tallahassee, FL

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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.

Investment Highlights

Highly Desirable Location
Recent Operational Efficiencies
Value Driving Property Improvement Program
Water Reimbursement Program in Process

Investment Summary

Property Type:  Garden-Style
Acreage:  7.91
Number of Units:  168
Year of Construction:  1975
Occupancy:  95.0%
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

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