We’re excited to announce that DLP Capital has provided a $9,590,000 loan to support Pax Properties in the conversion of Seven Hill Suites into a vibrant, 160-unit apartment community.Sitting on 8.97-acres, the property presents a prime opportunity to provide more affordable housing options to residents in the area. This project closely aligns with DLP Capital’s mission of creating communities where tenants can thrive by offering modern, affordable, and sustainable living solutions.
Blending Timeless Charm With Contemporary Comfort
This conversion project combines modern convenience with the property's existing amenities, achieving a perfect balance of functionality and timeless charm. The property includes a multipurpose space that functions as a clubhouse, lobby, and leasing center. It also features a commercial kitchen, a breakfast station, a 16-tap self-serve wine and beer station, and casual dining/lounge areas—all thoughtfully designed to foster a sense of community among residents. To promote tenant wellness and relaxation, the property also features a fitness center, swimming pool, and a cozy outdoor fireplace.
Since renovations began in 2018, the owner has completed extensive updates throughout all suites, modernizing the units to meet the needs of today’s tenants while preserving the property’s original character
Introducing Pax Properties
Led by Justin Ford, Pax Properties has maintained a track record of excellence in real estate for nearly two decades. Since 2002, the company has renovated, owned, and operated over 40 properties across nine cities and four states with a total value exceeding $160M. They’ve developed a robust portfolio of over 1,400 residential, hospitality, and grocery-anchored retail assets. Mr. Ford’s extensive 17-year background in financial publishing has shaped his innovative approach to real estate investment, driving the organization’s success for nearly 20 years.
Beyond the Blueprint: Why This Project Matters
The revitalization of Seven Hills Suites extends far beyond real estate development; it represents a step toward addressing a growing demand for quality, affordable housing in Tallahassee and, more broadly, the United States. By providing financing, DLP Capital is supporting the development of modern, affordable, and safe studio apartments, while preserving the original amenities and charm that define this property’s unique character. This project exemplifies our commitment to fostering growth and opportunity by providing innovative, high-quality living spaces to enhance the well-being of the community.
Summary:
DLP Capital provides $9.59M loan for hospitality to multifamily conversion.
Property to become 160-unit apartment community in Tallahassee.
Key features include a clubhouse, dining spaces, fitness center, pool, and modernized suites.
Project led by value-aligned sponsor Pax Properties, a real estate firm with a portfolio exceeding $160M.
This project aligns with DLP Capital's mission to create thriving communities and address affordable housing needs nationwide.
Snapshot:
DLP Capital has funded a $9.59M loan to Pax Properties for the conversion of a Tallahasse, FL hospitality asset into a 160-unit apartment community. Featuring modernized amenities and exemplifying a commitment to quality housing, this project aligns with DLP Capital’s mission to create communities where residents can thrive while simultaneously addressing critical housing needs.