Eastham Capital, a private equity real estate firm dedicated to providing superior, risk-adjusted returns to investors through the transformation of undervalued multifamily real estate, announces the $47.5 million disposition of The Monroe Apartments, a 288-unit apartment community located in Tallahassee, Florida.
The Monroe, located at 2677 Old Bainbridge Road in Tallahassee, was the first collaboration of several between Eastham and Merion Realty Partners.
“The Monroe was a very successful investment for both Merion and Eastham. We are extremely pleased with the returns that were realized for our investors,” said Matthew Rosenthal, founder and managing director of Eastham Capital. “The property’s strong performance, spearheaded by a great operating partner in Merion, upholds our value-add investment strategy, which worked very well in Florida’s great capital city.”
The Monroe Apartments was built in 1999 and includes a mix of one-, two-, and three-bedroom units ranging from 1095 to 1695 square feet. Eastham Capital and Merion implemented a comprehensive repositioning strategy that significantly enhanced the asset’s profitability. At the time of disposition, The Monroe was approximately 95% occupied, with in-place rents having increased from $1,133 at the time of acquisition to $1,642.
The community is conveniently located along I-10, close to Tallahassee’s major employment centers, universities, and state government. The property has excellent accessibility to key interstates and is surrounded by various shopping and entertainment amenities.
