Iconic, Main-and-Main Asset
The Tower, Downtown Tuscaloosa’s tallest building, is located at the heart of Downtown Tuscaloosa and offers outstanding walkability to 20,000+ jobs, 60+ restaurants and bars, and all that Tuscaloosa has to offer.
Top Performing Multifamily Property in Tuscaloosa
The Tower has the highest rents of any conventional multifamily property in Tuscaloosa at $1.90 per square foot, and is 96% occupied. Perhaps more compelling, recent leasing trends show that these rent levels have more room to grow, as the recent leases have averaged $1.99 per square foot.
Tuscaloosa Outperforms Peer Markets
Conventional product in Tuscaloosa has consistently outperformed peer markets in the state. When looking at Alabama’s six largest markets, Tuscaloosa exhibits the strongest rental demand with occupancy at 96.6%.
Irreplaceable Historic Asset with Modern Appointments
The building’s historic architecture provides character that new developments cannot replicate, yet it does not sacrifice any of the modern appointments that renters expect with top-of-the-market product. Luxurious interior feature include original hardwood, polished concrete, and mosaic tile flooring; exposed brick; 10’-20’ tall ceilings; premium stainless steel appliances; quartz countertops; shaker style cabinets; and in-unit washer and dryers.
Untapped Revenue Potential
Despite having the highest rent per square foot in the market, nominal rents at The Tower are still $100 below those at competitive properties. There is also 14,000+ square feet of undeveloped space in the commercial portion of the building that could be utilized to generate another $80,000+ in annual revenue.