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Multifamily

Brooklyn Yard Portfolio

1210 Conklin St, Tallahassee, FL 32310

Listing Price: Request For Offer

Number of Units
54
Gross SF
44,026

Investment Overview

Marcus & Millichap is pleased to present qualified investors with the opportunity to acquire The Brooklyn Yard Portfolio in Tallahassee, FL, centrally located between Florida State University and Florida Agricultural and Mechanical University which combine for more than 53,000 students. The Brooklyn Yard Portfolio consists of three assets: 1220 Brooklyn Yard, Lighthouse at Brooklyn Yard and Paces at Brooklyn Yard, which add up to a total of 54-units/118-beds. Current ownership has invested over $2 million of capex into the exteriors and interiors of the units in the last two years. All units are renovated and consist of stainless-steel appliances, vinyl plank flooring, granite or resurfaced countertops, new light fixtures, furniture, and more. Current ownership added an additional bathroom to all 2x1’s at 1220 Brooklyn Yard in 2021 to create bed/bath parity for student renters. A buyer’s upside is to increase rents by 20% to be competitive within the central Tallahassee market, all while remaining $350+ below the average of the market comps. In addition to the rental upside, current owner has fully approved plans to add an additional 13-unit/23-bedroom building onsite at 1220 Brooklyn Yard. Although this additional building is optional for a new buyer, the addition of these 13-units is projected to increase topline revenue by $230,000 annually. Currently, this portfolio is 100% preleased for the 2022/2023 academic year.

Investment Highlights

  • 54-Unit/118-Bed Student Housing Portfolio catering to FSU, FAMU and TCC
  • 100% Preleased for 2022/2023 Academic Year
  • Over $2 Million in Recent Capex (2020/2021/2022) for Interior and Exterior Renovations and Converting all 2x1s to 2x2s at 1220 Brooklyn Yard

Exclusively Listed By

Financing By

Multifamily

Brooklyn Yard Portfolio

Listing Price: Request For Offer

Number of Units
54
Gross SF
44,026

Investment Highlights

  • 54-Unit/118-Bed Student Housing Portfolio catering to FSU, FAMU and TCC
  • 100% Preleased for 2022/2023 Academic Year
  • Over $2 Million in Recent Capex (2020/2021/2022) for Interior and Exterior Renovations and Converting all 2x1s to 2x2s at 1220 Brooklyn Yard

Investment Overview

Marcus & Millichap is pleased to present qualified investors with the opportunity to acquire The Brooklyn Yard Portfolio in Tallahassee, FL, centrally located between Florida State University and Florida Agricultural and Mechanical University which combine for more than 53,000 students. The Brooklyn Yard Portfolio consists of three assets: 1220 Brooklyn Yard, Lighthouse at Brooklyn Yard and Paces at Brooklyn Yard, which add up to a total of 54-units/118-beds. Current ownership has invested over $2 million of capex into the exteriors and interiors of the units in the last two years. All units are renovated and consist of stainless-steel appliances, vinyl plank flooring, granite or resurfaced countertops, new light fixtures, furniture, and more. Current ownership added an additional bathroom to all 2x1’s at 1220 Brooklyn Yard in 2021 to create bed/bath parity for student renters. A buyer’s upside is to increase rents by 20% to be competitive within the central Tallahassee market, all while remaining $350+ below the average of the market comps. In addition to the rental upside, current owner has fully approved plans to add an additional 13-unit/23-bedroom building onsite at 1220 Brooklyn Yard. Although this additional building is optional for a new buyer, the addition of these 13-units is projected to increase topline revenue by $230,000 annually. Currently, this portfolio is 100% preleased for the 2022/2023 academic year.

Exclusively Listed By

Financing By

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