Aspen Run I & II (Tallahassee, FL)_Property for Sale
Aspen Run I & II (Tallahassee, FL)_Property for Sale
Tallahassee, FL, US, Americas

Aspen Run I & II (Tallahassee, FL)

Portfolio description

Jones Lang LaSalle, Inc. (“JLL”) is pleased to present Apen Run, a 250-unit garden community in Tallahassee, FL. The asset is split in two phases with one property across the street from the other. The properties consist of large one, two, and three-bedroom floorplans and are perfectly positioned for an interior value-add with sizeable potential premiums. Only five minutes to Florida State University (FSU), this asset is in a premier location just off Tennessee Street, which is the main thoroughfare through Tallahassee. The proximate location to numerous retail destinations, FSU, and Doak Campbell Stadium, as well as the favorable community amenities makes Aspen Run a superb place to live within one of the strongest multifamily fundamental markets in the state.


True Value-Add Opportunity

  • ​​​​​True value-add opportunity with nearby comps charging $200 - $400 premiums
  • Average rent is ~$0.50/SF below the average of the competitive set
  • 61% of units below market rent - resulting in immediate loss-to-lease recovery ($70K+)
  • Add washer/dryer appliances to all units at Aspen Run II that currently have connections but no appliances - $60K+ in upside


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Attributes

Building area gross
25,255 sm
Land area gross
6.92 ha
Aspen Run I & II (Tallahassee, FL) (2 Properties)
Aspen Run I & II (Tallahassee, FL) (2 Properties)

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Investment highlights

  • Exceptionally large floorplans (1,099 average rentable sq. ft.)
  • 58% two-bedroom floorplans (144 units - 58%, 1,148 average rentable sq. ft.)
  • 30 two-story two and three-bedroom townhome units (1,440 sq. ft.)
  • Washer/dryer connections in all units & appliances at Aspen I and washer/dryer connections in all units at Aspen II
  • Well-amenitized property featuring two pools, two leasing offices/clubhouses, business center, dog parks, Amazon package lockers and much more



Location Highlights


​​​​​​​Frontage on Ocala Road (20,300 AADT)

  • Direct access to the main retail thoroughfare in Tallahassee (West Tennessee Street - 41,500 AADT)
  • 5 Minutes from FSU Campus and Doak Campbell Stadium
  • Located on FSU "Garnet" Bus Line with Daily Trips Directly to Campus and Back
  • 10 Minutes to Thousands of High Paying Government Jobs

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Last updated
Jul 2, 2024