Eastham Capital And Merion Realty Partners Sell The Monroe Apartments In Tallahassee For $47.5M

The Monroe Apartments is a multifamily property located at 2677 Old Bainbridge Road in Tallahassee. The asset comprises 288 units and was sold for $47,500,000, resulting in a price per unit of $164,931. The property had undergone repositioning since its acquisition in 2019, achieving an occupancy rate of 95% at the time of sale with average rents increasing from $1,133 to $1,642.

Summary of transation details:

• Property Type: Multifamily
• Transaction Amount: $47,500,000
• Units: 288
• Address: 2677 Old Bainbridge Road
• Market: Tallahassee
• Seller: Matthew Rosenthal - Eastham Capital; William Landman & Richard Aljian - Merion Realty Partners

The transaction was facilitated by Matthew Rosenthal from Eastham Capital and the representatives William Landman and Richard Aljian from Merion Realty Partners. This sale reflects the collaboration between these firms in the multifamily investment sector.