Cushman & Wakefield announced that the commercial real estate services firm has arranged the sale of Parkway Square and Tally Square, two multifamily communities totaling 505 units located in Tallahassee, Florida. The final sale price for the two-property multifamily portfolio is confidential.
Nick Meoli and Mike Donaldson of Cushman & Wakefield represented the seller in the transaction. The multifamily communities were sold by an undisclosed seller and acquired by Bayview Partners.
“This portfolio represented a unique opportunity to gain scale in a highly coveted submarket of Tallahassee,” said Meoli, Vice Chairman at Cushman & Wakefield. “With robust job growth and limited new supply on the horizon, Florida’s capital is continuing to attract national investors seeking value-add investments.”
Parkway Square and Tally Square are located within two miles of each other at 2855 Apalachee Pkwy. and 1112 S Magnolia Dr. in Tallahassee’s East submarket. Their positioning provides close proximity to downtown Tallahassee and Florida State University as well as the area’s well-educated workforce.
Each community offers similar on-site amenities including a club house with a business center, 24-hour gym, picnic area with the option for BBQ grilling, and dog park with agility equipment. All units across both communities have also been renovated to a mid-level degree providing an opportunity to implement luxury grade finishes and other value-add enhancements in the future.
“The portfolio underwent over $2.5 million in capital improvements from previous ownership laying the groundwork for the buyer to continue enhancing the value,” added Donaldson, Vice Chairman at Cushman & Wakefield. “The buyer, who is well versed in value-add operations intends to elevate both communities to a luxury-grade finish to compete with other similar assets in the submarket.”