Capital Gardens Condominium Portfolio

Description:

STUDENT HOUSING OPPORTUNITY
» Per our research, vacancy rates for student housing in the Tallahassee MSA was lower than the overall multifamily market at a rate of 5.9% in 2023 therefore indicating a tightening market. A fully realized student housing conversion could result in gross income gains of half a million to a million dollars or more conservatively based on the researched data and strength of the operator.

» As an example of the need for student housing in the market, The Tribe Tallahassee is a 693 bed student development being delivered for the fall of 2025 reached full occupancy in weeks of opening applications illustrating the growing need for beds in the market. The data suggests an increase of 30% over the three years leading up to March 2024 in student housing rental prices. With close proximity to FSU and FAMU respectively, Capital Luxury Condominiums is positioned to provide excellent student housing accommodations in a market that desperately needs it.

» Tallahassee's universities are not only growing in student numbers but also in academic reputation, research activity, and the scope of their programs. This growth contributes significantly to the city's dynamism and economy. The increasing application numbers and, in the case of FSU, rising selectivity, suggest a growing demand for higher education in Tallahassee. Additionally, the focus on transfer pathways at TSC indicates a collaborative growth model within the Tallahassee higher education landscape.

LOCATION DESCRIPTION
» The Capital Gardens opportunity is located in the capital city of Tallahassee, Florida. Originally created in 1824, this historically significant city became the state capital due to its close proximity to both St Augustine and Pensacola which at the time were the major areas of commerce for the state.

» Capital Gardens does enjoy excellent access to all major universities in the area including FSU, FAMU, and TCC which are all growing in size and scope of their offerings.

» As the capital city of Florida, the Capitol Complex features all government functions for the local, state, and federal governments. The state of Florida currently ranks as the fourth largest economy of the United States with a GDP of $1.74 Trillion Dollars and growing, thereby adding to the requirement for robust government services over time.

» The city of Tallahassee has grown its population by 7.7% between 2010 and 2022. The Tallahassee MSA has grown to a population of 400,030 in 2024, a 4.1% increase from 2020. With economic drivers of Government, Education, Healthcare, Professional Services, Manufacturing, Research and Technology, Capital Gardens is well positioned to participate in the long term growth of the local area and the State of Florida respectively.

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