Magnolia Oaks is a 110-unit, new construction project located in Tallahassee, Florida that will provide desperately needed workforce housing to households making between 33-60% of Area Medium Income. The project's Total Development Cost is $24.3M which is being financed with 4% LIHTCs, Multi-Family Revenue Bonds, ELI, Tallahassee CRA and RRLP Funding. Truist and Grandbridge Capital have partnered to provide the construction and permanent debt respectively. Raymond James is providing the equity. The project commenced construction 3Q2021 and is expected to deliver units 1Q2023.
The project consists of five three-story garden-style buildings and a free-standing clubhouse providing residents with access to amenities such as a fully equipped fitness center, game room, media center, cyber-cafe, swimming pool and children's playground. The property will offer well-appointed one-, two- and three-bedroom apartments with spacious kitchens incorporating granite counter-tops and tile back-splash, upgraded LVP flooring throughout, walk-in closets and washer/dryer hook-ups in all homes.
- Fully Equipped Fitness Center
- Game Room
- Media Center
- Cyber Café
- Swimming Pool