Castle Apartments is a quad-apartment community located in the Tallahassee, FL MSA. Tallahassee ranked as a top 20 MSA for growth by Crescent Sky’s proprietary model at the time of acquisition. The investment was financed with a combination of agency and non-agency debt.
Unit exteriors are very well maintained while interiors were somewhat dated but in very good condition, allowing for a modernization program. Crescent Sky took over management of the property and hired both a local Management company along with the previous on-site property manager to ensure continuity.
Location: Tallahassee, FL
Business Plan: Value add, bring rents to market levels
Investment Type: Equity
Property Type: Garden Style Apartments