Capital Square Realty Advisors Acquires Tallahassee Multifamily Community
- Jun 13, 2013
Tallahassee, Fla.—Capital Square Realty Advisors LLC has acquired Ashford Club Apartments, a 102-unit multifamily community in Tallahassee, Fla., on behalf of an affiliated entity.
Located at 2055 Thomasville Road in the affluent neighborhood of Betton Hills, Ashford Club Apartments sits on approximately 6.5 acres and includes five three-story buildings.
“We were attracted to Ashford Club Apartments because of the strong demographics. Additionally, the property is highly stabilized, has a stellar past performance and is in a healthy market,” Yogi Singh, senior vice president, acquisitions and business development of Capital Square Management, an affiliate of Capital Square Realty Advisors, tells MHN. “The affluent community of Betton Hills is a sought after submarket of Tallahassee, the state capital, with strong demographics and a highly employable population.”
The community offers one- and two-bedroom apartments ranging in size from 750 to 1,000 square feet of space, with private patios and balconies. The property also includes a swimming pool and spa, sundeck, indoor climate-controlled racquetball court, tennis court, playground, dog park, resident business center, full fitness center. It also backs up to a nature trail.
“At Capital Square Realty Advisors, we look for properties with strong revenue characteristics and what we consider a critical need for the community the asset is in,” Louis Rogers, founder and chief executive officer of Capital Square Realty Advisors, tells MHN. “Given the strong demand for rental product of this quality, we think Ashford Club Apartments is a good fit for CSRA’s growing portfolio.”
Originally built in 1988 and recently renovated, Ashford Club Apartments was 100 percent occupied at the time of the acquisition. According to Singh, while there’s not a ton of stuff to improve, there will be upgrades done over time, including changing counter tops, replacing carpet with wood floors and some other minor details.
“We plan to maintain the quality of life at the property and improve it incrementally with upgrades to the units on an on-going basis,” he says. “This will be done with the continued support of the highly capable management team on the ground, led by a manager that has been at Ashford Club for over 10 years.”
The surrounding neighborhood includes office buildings, the Tallahassee Mall, Governor’s Square Mall, Tallahassee Memorial Healthcare, Tallahassee Community Hospital and the Betton Hills Nature Center. It’s also within five miles of Florida State University.
According to Rogers, a strategy of the company is to acquire properties in tax-free states like Texas, Florida and Nevada.
“Over time, those states have done better and coming out of this recession, we believe that Texas and Florida are doing great,” Rogers says. “Tallahassee didn’t have much of a dip in the recession and capitals tend to do better. They are stable, predictable and nice places with all the amenities in the world.”