On April 7th, 2021, the New York City based company Crescent Sky Real Estate Partners (CSREP) announced the acquisition of Seminole Trails Apartments located in Tallahassee off White Dr. behind Proctor Honda. As reported by Tallahassee Reports, in November 2020, CSREP purchased Castle Apartments, a 30-building multifamily housing portfolio near the office of Florida Highway Safety and Motor Vehicles on Apalachee Parkway.
The recent purchase of Seminole Trails includes 52 buildings and according to CSREP’s Managing Partner Charles Spero, “One of the reasons we [CSREP] specifically were attracted to this property was due to its highly desirable unit mix consisting of 90% one-bedrooms.” The other 10% consist of 2-bedroom and 4-bedroom floor plans.
The purchase price has not yet been made available.
Spero calls Tallahassee a “growth market” and that the purchased property will “result in accretive long-term returns for our investors” because of the influx in students that are enrolling and being accepted to the university. Seminole Trails Apartments is located less than two miles from the Florida State University campus.
The rise in student population to just over 40,000 (and growing) can likely be attributed to a few factors. Florida State is ranked #18 among public national universities while also being one of the most affordable whether in-state or out of state, costing $5,000 and $20,000 respectively.
Crescent Sky looks to analyze and invest in risk adjusted multifamily, commercial, and residential real estate opportunities and its partners have an average of over 20 years’ experience with finance, real estate, structured products, credit, and asset management. CSREP examines the physical property, the detailed financial impact, and plans for property management meant for the highest potential risk adjusted return to its investors.
The purchase of both Seminole Trails Apartments along with Castle Apartments are just two properties attained by Crescent Sky as part of their goal of expanding their real estate business in the Southeast.