Aspen Run I & II (Tallahassee, FL)

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