GAINESVILLE, FL - The Collier Companies (TCC) announced its partnership with Apex One and Paravest Capital in the acquisition of Avenue 29 Apartments in Tallahassee, Florida. The Collier Companies and partners purchased the multifamily housing complex from Avenue 29 Apartments LLC.
Avenue 29 Apartments is a student housing property built in 2001. It is comprised of 324 units in 17 residential buildings. TCC and partners plan to repurpose the community into conventional housing.
“The Collier Companies and partners are optimistic about the job creation prospects for Tallahassee, and the desirability of the city for millennials. While there has been a strong increase in the number of purpose-built student housing beds, there has not been a corresponding increase in conventional apartment units. We believe repurposing a student property like Avenue 29 can provide spacious conventional apartments at a tremendous value. Repositioning the property will be challenging, which is why the three entities, each multifamily experts in their own right, teamed up again on Avenue 29, “ says The Collier Companies CEO, Andy Hogshead.
Avenue 29 offers five different floor plans featuring newly renovated interiors, garbage disposals, and high-speed internet. Some of Avenue 29’s community amenities include a Jacuzzi spa, covered parking, 24-hour emergency maintenance, and a state-of-the-art gym. The Collier Companies’ veteran team member, Anthony Smith, will be the new Community Manager for the property. To learn more about Avenue 29’s apartments, please visit their website at www.avenue29apts.com
The Collier Companies owns and manages over 11,000 apartment units in the states of Florida, Georgia, and Oklahoma. Avenue 29 is the tenth apartment community owned and managed by The Collier Companies in Tallahassee, Florida. For more information about The Collier Companies, please visit colliercompanies.com