The Bainbridge Place Apartments is a B-class student housing property in the B+ class area of Tallahassee, Florida. The property had been well maintained and was in excellent condition at the time of our purchase. Prior management had let occupancy fall below acceptable levels, though it was recovering at the time of our acquisition. Because of lender and investor fatigue, we purchased the property opportunistically, at a significant discount to market. The property is funded with a combination of investor equity and a 10-year fixed rate loan. The property currently pays quarterly cash distributions at a 8.0% annual rate. We plan to operate the property for cash flows and to ultimately sell the property to realize capital appreciation.
Number Of Units: 164 State: Florida
Purchase Date: June 2014
Sold Date: Still Operating