TALLAHASSEE, FLA. — Florida-based Eastham Capital has sold The Monroe Apartments, a 288-unit apartment community in Tallahassee for $47.5 million. The property was acquired in 2019 with a value-add strategy alongside partner Merion Realty Partners as part of a portfolio called Eastham Capital Fund V. The buyer’s identity was not disclosed. The Monroe Apartments include a mix of one-, two- and three-bedroom units ranging from 1095 to 1695 square feet. Eastham Capital and Merion implemented a repositioning strategy that the owners say enhanced the asset’s profitability. At the time of the sale, The Monroe was approximately 95 percent occupied, with monthly effective rents having increased from $1,133 at the time of acquisition to $1,642 by the time of disposition. The Monroe, located at 2677 Old Bainbridge Road, was the first collaboration between Eastham and Merion Realty Partners.
Developed in 2019, The Monroe Apartments benefitted from a repositioning that raised rents during Eastham Capital’s hold period. The asset sold to an undisclosed buyer for $47.5 million. (Image courtesy of Eastham Capital)
Eastham Capital, Merion Realty Partners Sell The Monroe in Tallahassee for $47.5 Million
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