1616 McCaskill Ave Tallahassee, FL 32310
1619 Lake Ave Tallahassee, FL 32310
- Two Property Portfolio Located One Block From Each Other
- Significant Upside By Increasing the Income and Overall NOI by 90%
- Projected Rent Growth for the Submarket of 10.3 Percent in 2023 (Per Axiometrics)
- In Proximity To Major Educational Institutions including Florida State University and Florida A&M University
The Ashton Glen Portfolio is a 1970’s vintage garden apartment portfolio consisting of two communities, Ashton Glen and The Oaks, totaling 167 units. The communities are located within one block of each other in the Providence submarket of Tallahassee, Florida and minutes from major demand drivers, points of interest and major transportation corridors. The Portfolio presents investors the opportunity to invest into two multifamily assets under one management team maximizing operating efficiencies and generating above average cash flow over the holding period. Both assets have recently received numerous capital improvements and being delivered near fully stabilized with upside in increasing occupancy and reducing in-place loss to lease. Assuming the purchase is financed with a bridge loan product at current rates, an investor can expect to realize an above average cash-on-cash return during the hold period and a fifty percent plus increase in value over a three-year hold period.