TALLAHASSEE, FL - Capital Square Realty Advisors LLC announced that the company has acquired Ashford Club Apartments, a 102-unit multifamily community in Tallahassee, Fla., on behalf of an affiliated entity.
Ashford Club Apartments is located at 2055 Thomasville Road in the affluent neighborhood of Betton Hills. The approximately 6.5-acre property includes five three-story buildings offering one- and two-bedroom apartments ranging in size from 750 to 1,000 square feet of space, with private patios and balconies. The property also includes a community clubhouse equipped with a full kitchen, fireplace and wet bar.
"Ashford Club Apartments is located in an upscale area with numerous amenities," said Louis Rogers, founder and chief executive officer of Capital Square Realty Advisors. "The property is fully occupied with a waiting list, boasts a 96 percent positive rating on ApartmentRatings.com and has the potential to deliver strong, consistent cash flow."
Property amenities include a swimming pool and spa, with a sundeck and Wi-Fi, indoor climate-controlled racquetball court, tennis court, playground, dog park, resident business center and full fitness center. The surrounding neighborhood includes office buildings, the Tallahassee Mall, Governor's Square Mall, Tallahassee Memorial Healthcare, Tallahassee Community Hospital and Betton Hills Nature Center. Originally constructed in 1988 and recently renovated, Ashford Club Apartments was 100 percent occupied at the time of the acquisition.
"We are pleased with the results of an exhaustive search by Capital Square Management's acquisition team and look forward to the continued success of Ashford Club Apartments," said Yogi Singh, senior vice president, acquisitions and business development of Capital Square Management, an affiliate of Capital Square Realty Advisors.
Capital Square Realty Advisors, LLC specializes in the creation and management of commercial real estate investment programs for Section 1031 tax-deferred exchange investors and cash (non-1031) investors using the Delaware Statutory Trust structure.