— Excellent Location:
Renegade and Osceola have an excellent location, pedestrian to campus. The properties are situated just south of Tennessee Street, which is the main drag marking the north edge of campus. This walkable location is particularly advantageous as FSU is known for lacking sufficient student parking for those driving to campus daily. FSU students often cite a pedestrian location as the most important factor in deciding where to live in Tallahassee. The northwest side of campus hosts numerous academic buildings such as the College of Medicine, Psychology Department, Biology Building and Chemistry Building, and is also home to the Leach Recreation Center.

— Top Ranked Power 5 / Tier 1 University
Florida State University is the flagship university in Florida and is ranked the #23 public university in the country and the #53 national university according to U.S. News & World Report’s 2024 rankings. It is recognized by The Carnegie Classification of Institutions of Higher Education as a R1 (Tier 1) research university. FSU recorded ~72,000 applicants for Fall 2023 with ~17,000 admitted to the university, resulting in an acceptance rate of less than 24%. FSU’s most recent first-year class hails from all 67 Floridian counties, all 50 states, and 46 countries, highlighting the university’s worldwide appeal.

— Renegade’s Unparalleled Amenities
The luxury amenity suite offered at Renegade represents the apex of U.S. purpose-built student housing. The property community amenities include a state-of-the-art 24-hour fitness center, rooftop resort style pool, yoga studio & spin room, pickleball court, rooftop fire pit & lounge areas, outdoor grilling stations & wet bar, game-day ready jumbotrons, and group & private study rooms. Unit amenities are best-in-market and feature 55” Smart TVs in every unit, ultra-high-speed internet, full designer furniture package, energy efficient stainless-steel appliances, Bluetooth washer & dryer, floor to ceiling windows in select units, custom modern cabinetry, LED bathroom mirrors, wood-like flooring throughout, and ceiling fans with in-wall speed remote.

— The Osceola’s Proven Value-Add Opportunity
Current ownership renovated 23 units for AY 23-24 and renovated an additional 27 units prior to AY 24-25. Renovated units, featuring new paint, upgraded flooring, a new furniture package, bathroom upgrades (new plumbing fixtures, bath tiles, and lighting), and a new kitchenette unit, have achieved a $150-$200/bed premium. Current ownership has a renovation plan extending through Fall 2027 to complete the remaining units. Current ownership also renovated the community amenities, including upgrades to the clubhouse, resident lounge, state-of-the-art fitness center, and resort-style pool area.

— The Osceola’s Newly Renovated Amenity Package:
The amenity suite offered at The Osceola represents the epitome of luxury living. The property features a state-of-the-art fitness center, resort-style pool, poolside cabanas, a game-day ready jumbotron, 24-hour convenience store, an expansive game room, a TV lounge, community wet bar, and free, property-wide high-speed internet. Units also offer an unparalleled experience, with each spacious floor plan including a modern furniture package, premium appliances, new LVT flooring, quartz countertops, a flat screen TV in every living room, luxury cabinets. Premium units boast rooftop decks and a private elevator.

— Strong Student Housing Market:
FSU’s student housing market has experienced upward pressure due to the university’s unwaveringly high demand. This, combined with unprecedented rent growth experienced nationwide in both the conventional multifamily and student housing market, has made FSU a leader in rent growth across the nation. College House ranks Tallahassee the #2 PBSH market, reporting nearly 11% YOY rent growth at the time of publishing this COM. Furthermore, the entire FSU PBSH market has averaged 98% occupancy over the last three years per Axiometrics.