Mike Steiner

Senior Associate

Email: Mike.Steiner@MarcusMillichap.com
Phone:
(813) 387-4772 – Direct
(850) 322-8267 – Mobile

 

Casey Babb, CCIM

First Vice President Investments

Email: Casey.Babb@MarcusMillichap.com
Phone:
(813) 387-4723 – Direct
(813) 368-0835 – Mobile

The Babb Group of Marcus & Millichap is pleased to present an outstanding opportunity to acquire one of the most well-known student housing communities in Tallahassee, Florida; Burt Reynolds Hall.  Burt Reynolds is a 60-unit, 1960’s vintage student housing complex on the doorstep of Florida State University and features direct pedestrian access to the main campus.  Situated atop a hillside along Hayden Road, this FSU legacy dorm housed the FSU Football dynasty teams from the 1980’s and 1990’s and sits on nearly three acres MOL of prime real estate with sweeping views of some of FSU’s iconic landmarks including the Doak Campbell Football Stadium, Dick Howser Baseball Stadium, the Albert Dunlap Athletic Training Facility and both the indoor and outdoor football practice facilities.  There are a variety of different real estate opportunities for this offering including anything from a repositioning of the existing complex to a complete redevelopment of the site into either student housing, condos or hotel/condo to take advantage of the high short term housing demand from FSU alumni for football games in the Fall, basketball, baseball, softball or soccer games in the Spring or from politicians who are in Tallahassee for the legislative session.  Note that there are two parcels including the parent tract which includes the Burt Reynolds Complex; offered at $3,800,000 and the adjacent site which is largely unimproved and offered for $1,400,000.  The owner’s preference would be to sell the properties as a package; however, they can be bought separately.

Originally built in 1968, Burt Reynolds Hall has been owned by the Seminole Booster’s since the early 2000s and has been well-maintained over the years.  There are 60 apartments including 59 one-bedroom / one-bath flats and a single two-story townhome which is actually a combined unit.  Units are housed within 3 two-story buildings which are concrete block constructed with pitched shingle roofs, exterior breezeways and surface parking lots with gated access.  Rents today are well below the market average for comparable properties that are also pedestrian to campus and there is substantial upside potential for a value-add reposition as the units are typically larger than most one-bedrooms in the market at 700 square feet and the exterior amenities are minimalist.  Units include fully appointed kitchens and baths, hard surface wood-style flooring in the living and wet areas and offer differing finish levels and appliance packages which have been updated over the years on an as needed basis.  Amenities consist of a common laundry and vending room, an outdoor BBQ grilling station and adjacent concrete picnic tables and a central mail kiosk.  Alternatively, underlying zoning allows for a variety of high density uses including student housing, residential condos or even a condo/hotel all of which would provide amazing views of FSU’s iconic athletic landmarks as well as the state capitol building in downtown Tallahassee.

While College Town; a relatively new mixed-use housing and entertainment district on the eastern side of Doak Campbell Stadium, has been the epicenter for new student housing developments over the past 10 years, FSU’s inevitable long-term expansion will force it to push westward along the Pensacola Street corridor which places the subject property directly in the path of growth and in arguably the best possible location for new infill development.  FSU is projected to add nearly 2,500 students by 2021 and there are nearly $500 Million of on-campus construction projects underway in 2019 including a complete $128 Million redevelopment of the Oglesby Student Union, the brand new $77 Million Earth, Ocean and Atmospheric Sciences Building and the new $88 Million, 210,000 SF College of Business which is scheduled to be completed for the Fall 2021 semester.  Not only does the location provide direct pedestrian access to campus, the stadium and College Town, the Property’s one-mile radius offers an abundance of over 90 restaurants and three grocery-anchored shopping centers which fuel immense demand for student housing.  In addition to the walkability, there is also a bus stop located within 500 feet from the Property providing a five-minute trip to more distant campus destinations.

  • Trophy asset with huge rental upside and/or redevelopment potential
  • Significant rental upside as current rents are well below like-kind product within the market
  • Three-acre site MOL with favorable high-density zoning providing significant upside for future redevelopment at one of the best locations remaining in or around the Florida State University Campus
  • Pedestrian to The Florida State University Campus & Near Public Transit
  • Short walk to many area shopping, dining and entertainment options including Doak Campbell Stadium & College Town
  • Properties sit atop a bluff thus providing exceptional views East across the entire FSU Campus
  • High barrier to entry location with a scarcity of viable development sites of this size available

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