ARION Apartments 2731 S Blair Stone Rd 200 Unit Apartment Building $42,585,322 CAD ($212,927 CAD/Unit) 7.28% Cap Rate Tallahassee, FL 32301

The Goldstein Group is pleased to present ARION Apartments of Tallahassee, Florida.
Strategically located in the southeastern quadrant of Florida’s capital city, his 200 unit community offers attractive, renovated 1-4 bedroom rental units to Tallahassee’s broad and strong tenant base. ARION brings excellent value to residents via spacious floorplans, balconies/outdoor patios (several with golf-course views), professional on-site management, security, and amenities that include a pool, playground, tennis courts, and extensive common areas.
Formerly a condominium community, seller gradually acquired units until accumulating all 200. After converting ARION to a traditional multifamily property in late 2024 and dissolving the pre-existing association, the community was the subject of an extensive, 18 month, multi-million dollar capex campaign. These improvements included:
All new roofs throughout community
Repair and re-seal all parking and roads
Replacement of railings and stairs to meet current codes
Plumbing repairs and replacement as needed
Electrical updates
Pool repairs and updates
Interior renovations throughout the community
An incoming investor will take over a stabilized and up-to-date asset with extensive amenities, minimized deferred maintenance, and in-place, on-site management personnel and facilities well equipped to run the property day-to-day; truly a turn-key asset.
Tallahassee is Florida’s capital, and home to two major universities. Over 200,000 people reside within the city limits, making it the largest city in Florida’s pandhandle. Largely famous as a “college town,” an unusually high 23% of residents hold a master’s degree or higher. State government, healthcare, and education dominate employment demographics, making for a healthy tenant base in this sector of housing.
An attractive, quality, but strategically positioned product, ARION Apartments makes up the backbone of the Panhandle’s rental housing market, making it an excellent fundamental housing play for any multifamily investor.