3<\/p>\n
TALLAHASSEE, FLA. \u2014 Eastham Capital has sold The Monroe Apartments, a 288-unit apartment community in Tallahassee, for $47.5 million. The property was acquired in 2019 with a value-add strategy alongside partner Merion Realty Partners as part of a portfolio called Eastham Capital Fund V. The buyer\u2019s identity was not disclosed.<\/p>\n
The Monroe includes a mix of one-, two- and three-bedroom units ranging in size from 1,095 to 1,695 square feet.\u00a0 Eastham Capital and Merion Realty Partners implemented a repositioning strategy that the owners say enhanced the asset\u2019s profitability.\u00a0<\/p>\n
At the time of the sale, The Monroe was approximately 95 percent occupied, with monthly effective rents having increased from $1,133 at the time of acquisition to $1,642 by the time of disposition. The Monroe, located at 2677 Old Bainbridge Road, was the first collaboration between Eastham and Merion Realty Partners.<\/p>\n","protected":false},"excerpt":{"rendered":"3 TALLAHASSEE, FLA. \u2014 Eastham Capital has sold The Monroe Apartments, a 288-unit apartment community in Tallahassee, for…\n","protected":false},"author":2,"featured_media":26632,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16],"tags":[232,234,233],"class_list":["post-26631","post","type-post","status-publish","format-standard","has-post-thumbnail","category-tallahassee","tag-tallahassee","tag-tallahassee-headlines","tag-tallahassee-news"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/posts\/26631","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/comments?post=26631"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/posts\/26631\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/media\/26632"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/media?parent=26631"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/categories?post=26631"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/tags?post=26631"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}