ALTURA Student Living

Investment Overview

SP Multifamily Group is pleased to present Altura Student Living, a 320-bed student housing community in Tallahassee, FL, offering investors the opportunity to acquire a recently redeveloped, institutional-scale asset positioned to serve the growing Florida A&M University student population.

Comprehensively redeveloped in 2023, Altura features upgraded interiors, bed/bath parity, and a market-leading amenity package that sets it apart in the FAMU student housing market. The asset benefits from a favorable supply-demand dynamic, with limited directly competitive off-campus supply serving FAMU amid record application levels and projected enrollment growth. Despite its improved physical product and amenity offering, in-place rents remain meaningfully below nearby comparables, creating an attractive path for continued revenue growth. Positioned within Tallahassee’s rapidly evolving Southside corridor, Altura combines scale, modern product, growing university demand, and embedded upside within an area benefiting from significant ongoing public and private investment.

Investment Highlights

• Pricing Guidance Offers a Going-In Cap Rate Between 7.10% and 7.50%
• In-place rents are ~26% below the comparable average, creating clear mark-to-market upside while maintaining an attainable position within the market
• Comprehensively redeveloped in 2023 with seven roofs replaced in 2025, Altura offers a modern physical product with limited near-term capital needs
• Altura combines 320 beds, fully upgraded interiors and a market-leading amenity package, creating a differentiated institutional-scale housing option for FAMU students
• Limited new off-campus supply serving FAMU contrasts with projected enrollment growth and 32K+ applications, supporting continued demand for Altura
• Altura sits within Tallahassee’s transforming Southside corridor, supported by $1.13B+ of recent public and private investment and continued infrastructure growth
• Altura benefits from Tallahassee’s 55,000+ student population across FAMU and FSU, providing a deep, diversified renter base that supports long-term student housing demand