The deal closed on November 4. A price was not disclosed. The property was 94 percent occupied at the time of the sale.
Berkadia, a distinguished leader in the commercial real estate sector, announced the sale and financing of Grove Park, a 2021-built, 324-unit Class A apartment community in Tallahassee, Florida.
Managing Director David Etchison of Berkadia Central & North Florida arranged the sale on behalf of Alabama-based TrimCor. Managing Director Brad Williamson of Berkadia Miami and Associate Director Wes Moczul of Berkadia Orlando arranged acquisition financing on behalf of the buyer, Monument Capital Management of Coconut Grove, Florida, through lender MF1.
“Grove Park stands out as one of the most unique multifamily assets in the Tallahassee market,” said Etchison. “The sheer size of these floor plans, paired with the community’s preserve-like setting, creates a level of livability that has driven exceptional retention. With demand for larger, high-quality rental homes only increasing, the buyer is well-positioned to unlock meaningful value through targeted amenity enhancements and thoughtful upgrades.”
“MF1 delivered an exceptionally competitive execution for Monument, with a four-year initial loan term and in-the-money synthetic fixed rate that provides meaningful flexibility and room to operate,” said Williamson. “The absence of testing requirements for the first three years, combined with a 30-day application-to-close timeline, created a financing solution that aligned perfectly with the buyer’s strategy for a high-quality, low-density asset like Grove Park.”
Located east of downtown Tallahassee at 3148 Dick Wilson Boulevard, Grove Park spans 30 acres and features 23 one- and two-story buildings in a low-density, preserve-like environment. The community boasts some of the largest floor plans in the region, with one-, two-, and three-bedroom layouts ranging from 1,219 to 2,120 square feet. Notably, larger units comprise 90 percent of the mix, including single-story duplexes with private fenced-in yards.
Apartment interiors include granite countertops, stainless steel appliances, walk-in pantries, wood-style flooring, spacious closets, vaulted ceilings on second floors, private dens/offices in select two-bedroom units, full-size washer/dryer connections, and private balconies with storage. Community amenities include a 7,452-square-foot clubhouse with café bar, TV lounge, business center, and rentable conference room and event space; a saltwater zero-entry pool and sundeck; a state-of-the-art fitness center and cedar sauna; playground and bark park; and tranquil views of the adjacent nature preserve.
Grove Park offers convenient access to all major destinations within approximately 15 minutes, including downtown Tallahassee, Florida State University, Florida A&M University, and HCA Florida Capital Hospital.
