StoneStreet Multi Family Group Acquires 136-Unit Multifamily Property In Tallahassee, FL For $18M

StoneStreet Multi Family Group, along with its partners Russell Nova, Charles Taylor, and Igor Zakh, has closed on a multifamily property located at 1111 High Road in Tallahassee, Florida. The transaction took place on December 29, 2021, and the property consists of 136 units with a total area of 136,408 square feet. The sale price for this multifamily asset was $18,000,000, equating to a price per unit of $132,353 and a price per square foot of $132.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $18,000,000
• Address: 1111 High Road, Tallahassee
• Market: Tallahassee
• Buyer: Russell Nova, Charles Taylor & Igor Zakh - StoneStreet Multi Family Group
• Seller: Andrew Gordon
• Broker: Beau Berry - Coldwell Banker
• Units: 136
• Price per unit: $132,353
• Total Square Feet: 136,408
• Price per square foot: $132

Russell Nova, Charles Taylor, and Igor Zakh, representing StoneStreet Multi Family Group, acquired this value-add and cash-flow property as part of their real estate investment strategy. The property underwent a full exterior renovation prior to the closing. Additionally, it was rebranded for the student market conversion. This acquisition marks StoneStreet Multi Family Group's fourth purchase in 2021, with a total of 1,750 units under management. The group plans to continue their aggressive approach in 2022, targeting markets in Florida, Georgia, and North Carolina.

Cornerstone Capital of NY facilitated the financing for this transaction through a loan of $17,000,000 at an interest rate of 4% with a 3 + 1 + 1 structure.

For brokers with off-market deals, StoneStreet Multi Family Group encourages them to reach out via email for a prompt response. Russell Nova can be contacted at 917-559-1820 or [email protected], Charles Taylor at 404-918-3785 or [email protected], and Igor Zakh at 917-567-1646 or [email protected].