Elevate on Cascades

Investment Overview

SP Multifamily Group is pleased to present Elevate on Cascades, a 100-bed student housing asset in Tallahassee, FL, offering a compelling value-add opportunity within one of the market’s fastest-growing urban infill corridors.

Pedestrian to Florida State University and Florida A&M University, the property benefits from durable demand driven by a 55,000+ student population. Featuring bed/bath parity and covered parking, Elevate has demonstrated rent premium potential through renovations, with approximately one-third of units remaining in classic condition. In-place rents remain below nearby comparables, providing clear mark-to-market upside, while additional revenue can be captured through continued renovations and furnishing standardization. Positioned along the transforming FAMU Way corridor, Elevate offers investors a rare opportunity to acquire a scalable, path-of-growth asset with multiple layers of NOI upside.

Investment Highlights

• Built in 2002, The Property Consists Entirely of 800 SF 2Bd/2Ba Units
• 66% Of Unit Interiors Have Been Renovated and Roofs Replaced in 2024
• Value-Add Opportunity to Increase NOI by 23% Through Continuation of Interior Renovations, Furnishing the Remaining Unfurnished Units, and Operational Shifts
• Irreplaceable Location Within Tallahassee's Most Transformative Urban Infill Corridor
• Direct Beneficiary of Collegetown's Outward Expansion and Rising Rent Ceiling
• 55,000+ Students Within Direct Proximity of The Property Supported by Florida State University and Florida A&M University