Meridian Place Apartments comprises 29, two-story, garden style buildings totaling 260,569 SF. The property is situated on one parcel totaling ±15 acres and offers 300 parking spaces for residents and guests. Meridian Place Apartments is currently 84% occupied with a diverse unit mix consisting of 1-BR, 2-BR and 3-BR units with spacious floor plans, fully equipped kitchens, washer/dryer hookups, wall-to-wall carpet, and plank flooring/private patios/fireplaces in select units. This pet friendly community offers exceptional amenities including two swimming pools, fitness center, clubhouse, laundry facilities, playground/green areas, and excellent connectivity, and access to public transportation. Interior upgrades include black or stainless steel kitchen appliances, updated cabinet faces, washer/dryers, appliances, and supply gated fences around first floor units backyards for tenant privacy. New ownership will benefit from a strategic value-add strategy with potential rent increases of $150 for each unit. This opportunity offers strong in-place NOI with potential to further increase yields through focused leasing efforts and mark-to-market rates. Additional upside through implementation of RUBS (Ratio Utility Billing Systems) to recover appropriate utility costs. Meridian Place Apartments is located in Leon County within the Northwest Tallahassee Sub-market and offers a unique opportunity to acquire a well-below market asset in a strong rental sub-market. The property is well situated along Meridian Road, ideally located within minutes of a very dense commercial corridor and proximate to many local schools, Tallahassee Mall and numerous dining and entertainment venues. Just west of the property is The Centre of Tallahassee which is a completely revitalized outdoor shopping destination with a 10,000 SF open-air amphitheater. The Centre of Tallahassee will be adding 2,500 government jobs by 2021. Further south along Monroe Street residents of Meridian Place can access Downtown Tallahassee, the Florida State Capitol building, and Florida State University. Meridian Place Apartments is located in a growing area with a 2019 population estimate of ±182,576 with an average household income of $60,481 (5-mile radius). The area has been experiencing dramatic growth from 2010-2019 with 8.84% in population growth and another ±4.06% growth expected between 2019-2024 in a 5-mile radius. The property is positioned within a very strong rental market with renters accounting for approximately 56.91%, 63.21% and 61.35% of occupied housing units within a 1,3, and 5-mile radius respectively. Property listed by Ten-X Joshua Jacob RE Brkr CQ1050204 in eight buildings
