The Berkeley

The 136-unit apartment complex “The Berkeley” is being converted from student housing to market rate housing. This beautiful property is ideally situated close to restaurants, shopping, bars, and employers. The asset will feature a luxury  clubhouse with a resort style pool with outdoor lounge, a gym and yoga studio, a dog park, and a business center with  free Wi-Fi. The six apartment buildings are to be four stories each, with 6-foot-wide breezeway corridors.  Carrying a total project cost of $23 million, this transaction represents an  opportunity  to invest in an exceptional Class  “B+” product in the State’s Capitol. The project is being led by a highly experienced Sponsorship team and a property manager that specializes in construction management & lease-ups.

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The Berkeley is located in a quiet suburb of Tallahassee, located just a short drive from the Florida State Capitol building.

 

The area is located off Tallahassee’s busiest transit of Tennessee St. Tallahassee is underserved in premium non-student housing. The lack of premium living accommodations is providing an opportunity to capitalize on this housing disparity. 

The complex is undergoing a completed exterior renovation program with the last students having vacated in August. This opportunity is to acquire the Berkeley and perform interior renovation & a lease up program. Stabilization will occur by the end of year 1, with a total hold period of 5-7 years.
 

This Project is designed as a response to rapid residential and commercial development in the county over the past decade, with the largest growth occurring in Venice and Sarasota, FL. The 136 “B+” apartments will be housed among (6) four-level apartment buildings.  The Units are a mix of desirable 2 & 3 bedrooms, with sizes from 900 to 1100 square feet, and  include as standard features: 

  • upscale island kitchens with wood cabinets

  • solid surface countertops

  • full appliance package (high-efficiency washers + dryers, dishwasher, refrigerator, microwave, range

  • trendy track and pendant lighting, and more.

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