Cushman & Wakefield announced that the commercial real estate services firm has arranged the sale of Lullwater at Blair Stone, a 244-unit apartment community located in Tallahassee, Florida.
Robert Stickel, Alex Brown and Jubeen Vaghefi of Cushman & Wakefield represented the sellers, Novare Group and Fickling & Co., in the transaction. Carter Funds, a privately-owned real estate advisory and management firm, acquired the property.
“Fickling and Novare saw an opportunity to provide luxury rental housing to the Tallahassee market, designing and delivering a beautiful community with thoughtful amenities,” Stickel said. “Local residents recognized this and responded to it with strong demand on a successful lease-up. They are both excellent long-time developers and have conviction around delivering top quality communities around multifamily developments in suburban settings and secondary markets.”
Lullwater at Blair Stone is well positioned to benefit from the steadily growing employment base supported by acclaimed educational institutions, medical facilities, and a government presence. The property has demonstrated the ability to burn-off all concessions upon stabilization with continued market rent growth expected. The property has experienced 2.5%+ growth since September.
“Carter Funds has been an active investor and aggregator in the multifamily space,” Brown said. “They have acquired several quality assets and saw an opportunity to grow their portfolio in the Sunbelt and specifically in the Tallahassee market. Carter Funds continues to be one of the best buyers and most active groups in the Sunbelt region.”
Located 10 minutes southeast of Downtown, Lullwater at Blair Stone has quick access to the entire city, as well as being surrounded by a surplus of lifestyle amenities including diverse retail, numerous golf courses, and multiple recreational attractions.
“The institutional anchors of the State Government, FSU and the Healthcare providers in close proximity to Lullwater at Blair Stone drove an impressive lease-up and predictable future performance leading to the high desirability of the asset,” Vaghefi said. “The developer took advantage of these attributes and delivered a best in class asset and the market recognized their efforts.”
Cushman & Wakefield’s Sunbelt Multifamily Advisory Group ranks No. 1 in Sunbelt market share based on over 250 transactions and $6.2 billion in multifamily and land investment sales in 2020 (Source: Real Capital Analytics). Market share reflects number of sales for Alabama, Arkansas, Northwest Florida, Georgia, Kentucky, Louisiana, Mississippi, North Carolina, South Carolina, Tennessee and Texas.