NOW SELLING BRAND NEW 8-UNIT BUILDINGS PRECONSTRUCTION
Drone Video: https://www.youtube.com/watch?v=l4ijkonlrdy www.universitygreenfsu.com www.universitygreendevelopment.com #5 LARGEST STUDENT HOUSING COMMUNITY BY BEDROOM COUNT IN THE #1 RANKED TIER 1 COLLEGE TOWN IN THE U.S. TALLAHASSEE, FLORIDA
TALLAHASEE, FLORIDA The city of Tallahassee, the State Capital of Florida, has a population of 150,000. 350,000 people live in the Greater Tallahassee area. Tallahassee qualifies as a significant college town with a student population exceeding 90,000. FLORIDA STATE UNIVERSITY Florida State University is located in Tallahassee, Florida. Founded in 1851, it is currently ranked #38 in the nation according to U.S. News and World Report. It has a student population over 41,000 students and a sprawling campus laid out over 1,600 lush acres. The FSU Seminole Football Team is currently ranked #2 in the Nation. FSU is approx. 3.1 miles from University Green. 81% of all students live in Off-Campus Housing. TALLAHASSEE COMMUNITY COLLEGE Tallahassee Community College has several four-year degree programs and is the largest transfer college for FSU. With 19,000 full time students and 34,000 students it has a steady demand for student housing. TCC is approx. 0.5 miles from University Green. FLORIDA A&M UNIVERSITY Florida Agriculture and Mechanical University has approximately 11,000 students. It is the #1 Ranked Historically Black Colleges in the United States. It is 4 miles from University Green.
STUDENT HOUSING https://www.nytime s.com/2017/02/28/ realestate/commer cial/studenthousing-realestate.html Click on pictures to open article. Click on pictures to open article. There are 21 million students in the United States attending colleges and universities. The Student Housing sector of the Housing Market is heathy and Tier 1 Schools like Florida State University are seeing a surge in the demand from students for quality offcampus housing. Cramped dorm rooms and older on-campus housing stock are functionally obsolete with students wanting more space and amenities. University Green competes favorably on price and value while offering a lush environment with plenty of interior space and open space. During the downturn of 2009-2012, occupancy rates at University Green were at near 100% levels reflecting the trend to go back to school during a recession. Nationally, CAP RATES for New Construction at Tier 1 Universities are coming in in the 4%-6% range with some far lower than that. At University Green we are able to offer a 7% CAP RATE leased brand new construction. When you buy an apartment community you have to buy the whole community. At University Green you buy the individual buildings within the community allowing you to assemble a portfolio that meets your budget and objectives while enjoying the benefits that come with being the #5 largest community in the marketplace.
#1 TIER 1 STUDENT HOUSING MARKET
THE PERFECT LOCATION University Green is minutes from Florida State University, Tallahassee Community College, & Florida A&M University. The community is conveniently located off of Tennessee Street which is one of Tallahassee's major commercial arteries featuring a wide range of dining, shopping, and entertainment options. It is on the FSU Bus Route and the bus ride is direct-to-campus in a few minutes time. The FSU Athletic Department places many of its star Football Players at University Green year-after-year to keep them out of the Party Zone of bars and nightclubs found near campus. The saying goes that students party too hard at the bar and party scene near campus their Freshman year. Many are forced to transfer to Tallahassee Community College and end up at University Green where its quiet and there aren t bars everywhere. Many of the TCC transfer students remain at University Green while completing their education at FSU. With new apartment style units renting for upwards of 50%-100% closer to campus, University Green appeals to value minded parents and students as well as people who put academics first and are not looking for the party scene.
Community Video: https://www.youtube.com/watch?v=l4ijkonlrdy Optional Property Management: www.universitygreenfsu.com First Priority Realty is headed by a 19-year student housing veteran UNIVERSITY GREEN COMMUNITY SNAPSHOT: Currently the #5 largest student housing development in Tallahassee 40 acres total: 25 acres developed w/ 15 acre Nature Preserve. Gated and fenced with Resort Style Amenities. Security System for Community and Units. At final buildout: 404 Townhome-style Condominiums all 3BR/3BA. All New Construction Units sold with Appliances. Parking Ratio: 3:1 (3 spaces for every 1 Unit) On-site property management and leasing office and furnished model 6.7% CAP RATE UPSIDE POTENTIAL FROM RENTAL RATE INCREASES. Furniture Packages Available starting from around $4K that raise rents by $150/Mo.
1,240 Square Feet
Sold Sold Sold Available Available Available Sold Sold Available Parents Units Available
The price of materials has continued to climb nationwide. If you are looking for a new build rental property you might want to consider locking in your price now. We are now writing contracts in 2019 delivery.
60 Condos to be Built in 2018. 52 Sold or Under Contract 8 Parents Units Available December 2018 Target Completion* 2 Years - Estimated Completion Time to final 404 Unit Buildout. * Subject to change.
58 Condos to be Built in 2018. 52 Condos Sold or Under Contract in 2018. 8 Parents Units Available December 2018 Target Completion* 2 Years - Estimated Completion Time to final 404 Unit Buildout. * Subject to change.
SPECIFICATIONS 1 UNIT BULK PACKAGE Units 1 8 Bedroom Count 3 24 Tenants 3 24 Term of Lease 12 Months 12 Months PURCHASE PRICE AND FINANCING 1 UNIT BULK PACKAGE Purchase Price $ 129,900 $ 1,039,200 Down Payment 25% $ 32,475 $ 259,800 Amount Financed 75% $ 97,425 $ 779,400 Closing Costs 2% $ 2,598 $ 20,784 Total Cash Required to Close $ 35,073 $ 280,584 Total Purchase Price $ 129,900 $ 1,039,200 INCOME AND EXPENSE 1 UNIT 1 UNIT BULK PACKAGE Monthly Annual Annual INCOME Rental Income $ 1,194 $ 14,328 $ 114,624 Vacancy Allowance @ 3% $ (36) $ (430) $ (3,439) Effective Rental Income $ 1,158 $ 13,898 $ 111,185 EXPENSE Property Management Fee Percentage 7.0% 7.0% 7.0% Property Management Expense $ (81) $ (973) $ (7,783) Lease Up/Advertising $ (25) $ (300) $ (2,400) HOA Condo Fees (includes Exterior Insurance) $ (143) $ (1,716) $ (13,728) Interior Condo Insurance $ (18) $ (216) $ (1,728) Property Taxes $ (150) $ (1,800) $ (14,400) Condo Maintenance / Reserves $ (20) $ (240) $ (1,920) Total Expenses $ (437) $ (5,245) $ (41,959) NET OPERATING INCOME $ 721 $ 8,653 $ 69,226 DEPRECIATION @ 85% VALUE TO BUILDING $ 4,015 $ 32,121 FINANCIAL CALCULATIONS CAP RATE 6.7% GROSS RENT MULTIPLIER 9.07 * Estimates only. Actual results will vary.
IMPORTANT DISCLOSURES 1 st Priority Realty is a separate company and may change their management contract terms without notice. Please check with them if you are considering using them to manage your property. Rental Figures, and Expense items are believed to be accurate but no guaranteed to be exact or free or errors. Buyers to verify all figures. The terms of the Purchase Contract shall supersede this marketing brochure which may change without notice. The Purchase Contract is the only operative document for all pertinent matters concerning your purchase. Buyers agree to do their own independent calculations for mortgage payments based on the actual rate quoted by the Lender. The terms contained in the Proforma may not be available. Though the units are sold leased, any vacancy after the close of escrow is the responsibility of the new owner. The Nature Preserve is descriptive name for the wildlife/wetlands area on property but the area is not an official a government designated nature preserve. The mortgage figures, including down payment, interest rates, and terms are estimates only. You may use any source of financing. Actual results may vary by depending on the borrower and other factors. The figures contained herein are believed to be accurate but may contain errors and are estimates only for Year 1 only. They are not to be construed to be a guarantee or promise of any return or income. Income property ownership includes risks which the buyer alone assumes. Values and rental rates may go up or down. In future years, rents and expenses may be higher or lower than the estimates shown herein and may contained expenses not listed in the Year 1 estimates. Owners are free to manage their own properties or hire a third party of their choosing to do so. Do not rely on oral representations or any representations for any source that are not documented in writing by the Seller and signed by the Seller. Seller reserves the right to change pricing and terms without notice until a binding purchase contract is entered into with a buyer. The Seller is University Green Development, LLC,and is organized in the State of Florida. CONTACT: Ryan Harris, Developer, University Green Development, LLC (310) 560-9111 Lindsay Pearson, Pearson Realty (850) 510-8029. 3250 W Tennessee Street, Tallahassee, FL 32304