TALLAHASSEE, FLA. — 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’s identity was not disclosed.
The Monroe includes a mix of one-, two- and three-bedroom units ranging in size from 1,095 to 1,695 square feet. Eastham Capital and Merion Realty Partners implemented a repositioning strategy that the owners say enhanced the asset’s profitability.
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.