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Aqua Palms
Tallahassee, FL
FVP acquired the Aqua Palms Apartments, a 500+ bed student housing property in Tallahassee, Florida near the Florida State University Campus. FVP acquired the project at a steep discount to replacement value. The acquisition presented an opportunity to control an underperforming asset with intrinsic value in a very recession-resilient asset category (student housing). Upon acquisition of the asset FVP quickly achieved 98% occupancy. A new capital improvement plan added poolside entertainment amenity features, security enhancements and other upgrades to units. The property was sold in 2019 and achieved strong returns.
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Information
Location Tallahasse, FL
Address 1600 Old Bainbridge Rd
Property Type Student Housing
Description 14 Buildings/ 3 story
Vintange 2000
Property Size 168 units/ 500+ beds
Acquisition Date Jun-18
Investment Strategy Value Add / Repositioning
Total Capitalization $11.3m
Stabalization Date Aug-20
Disposition Date Aug-20
Disposition Value 14.7m
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