- Best Performing Tallahassee Submarket
- Light Value-Add & Mark-to-Market Opportunity
- Institutional Quality Asset with Great Scale & Fundamentals
- Attractive Assumable Debt Shields from Market Volatility
Best Performing Tallahassee Submarket
Blairstone at Governor’s Square presents a compelling investment opportunity, located in one of the best performing submarkets in the capital city of Florida. The Northeast submarket boasts the highest rent growth within Tallahassee as well as the lowest vacancy rate. While surrounded by multiple government agencies, various multi-tenant retail locations, and local recreation, Blairstone is tucked away in a quiet, cozy section of Tallahassee. With 6,500 units, the Northeast Tallahassee submarket has only had 126 units delivered over the past 10 years.
Light Value-Add & Mark-to-Market Opportunity
With 82% of the property recently renovated, a new owner can complete an interior renovation business plan for 68 of the remaining units. When taking into consideration proximal comparable properties, a new owner could increase rents across the board an average of $196/unit and remain towards the middle of the comparable set. This increase involves a combination of completing the unit renovations on-site and pushing rents to market levels within the submarket comparable set. This will lead to a $600,000+ increase in Net Operating Income.
Institutional Quality Asset with Great Scale & Fundamentals
With institutional quality and impressive scale of 376 units, Blairstone at Governor’s Square offers a rare opportunity for investment groups with an existing presence in Florida or those seeking to enter the marketplace with immediate scale. The property boasts a desirable unit mix of 1, 2, and 3-bedroom apartments, paired with modern amenities.
Attractive Assumable Debt Shields from Market Volatility
Blairstone at Governor’s Square is being offered as a loan assumption with an existing Fannie Mae loan, featuring a favorable 2.76% rate with 3 years of term remaining! This term gives ample time to complete the business plan noted above, increase revenues significantly, and either sell or refinance as rates improve. In addition, a prospective purchaser may take the deal down free & clear if that option is better suited to their business plan.