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Despite Pandemic, Multi-Family Residential Development Remains Relatively Strong in Tallahassee
T.J. Lewis, Business Development Manager
For the first quarter of 2021, nearly a year into the coronavirus pandemic, new data shows that apartment developers have drawn back on multi-family activity nationwide. Currently in the United States, 565,000 apartments are under construction compared to more than 700,000 at this point in 2020. Large declines have been noted in some of the nation’s fastest-growing areas. According to CoStar, Florida’s major cities are also posting significant declines of between 2,000 to 5,000 fewer units under development in major markets such as Fort Lauderdale, Miami, Orlando, and Tampa. However, here in the Capital City, a slight increase in the number of units under development is observed for the same period with Tallahassee posting 810 units under construction at this point in 2021 compared to 662 total permits issued for all of 2020. Tracking data provided by the Tallahassee-Leon County Office of Economic Vitality (OEV), indicate another 800 units have been fully permitted awaiting the commencement of construction activity with an additional 1,600 units in various stages of permitting review.
Apartment developments currently under construction with a total of 810 units include:
- Lafayette Gardens – 96 Units
- The Nine at Tallahassee Phase II – 48 Units
- Grove Park Apartments – 324 Units
- The Arena Apartments – 90 Units
- The Capital Grand – 252 Units
Additionally, two developments, Haven 17 Development (217-Units) and Urban Enclave Townhomes (14-Units) are performing site clearing activities. Apartment developments currently awaiting construction activity include:
- Magnolia Oaks – 110 Units
- Bronough Multi-Family Development – 12 Units
- Jackson Forest Apartments – 105 Units
- Magnolia Family Development – 130 Units
- Lakeside at Southwood – 264 Units
- St. Augustine Student Housing – 84 Units
- Nole Quarters Development – 84 Units
Not included in this total are mixed-use projects which include significant commercial components such as the Cascades Project (269 Units, plus 191,115 Commercial SF) and Avery Park (38 Units, plus 21,700 Commercial SF).
Multi-Family Properties Changing Hands
Notable for the first quarter of 2021, some of the largest commercial transactions within the Tallahassee Market include multi-family (apartment) properties. The Evergreens at Mahan, a 412-unit market-rate apartment complex, sold December 15, 2020, for $69 Million. The Evergreens were 94% occupied at the time of the sale. Additionally, three student housing developments in Tallahassee were also traded in recent months. The first transaction occurred October 13, 2020, when The Preiss Company based in Raleigh, NC, and Crow Holdings based in Dallas, TX, partnered to purchase the Quantum on West Call, a newly built, 200,000 SF apartment building for $48 Million. Another $42 Million was allocated for the purchase of a portfolio which included the Catalyst Student Apartments on Madison Street. The new buyers are Global Student Accommodation based out of London, England. And New York-based Crescent Sky Capital paid $15.73 million to acquire Seminole Trails apartments on White Drive, which was previously owned by another New York-based company, Raith Capital Partners. Seminole Trails is a 318-bed community on White Drive that was renovated in 2005 with an occupancy rate of 96.2% at the time of Sale.
For more data regarding development in Tallahassee, including commercial and residential, check out the OEV Data Center at https://oevforbusiness.org/data-center/interactive-data/.