Eastham Offloads 288-Unit Tallahassee Value-Add Apartment Community

Eastham Capital sold The Monroe Apartments, a 288-unit apartment community located in Tallahassee, for $47.5 million.  

The property was acquired for Eastham Capital Fund’s portfolio in partnership with Merion Realty Partners in July 2019.  The Monroe is located at 2677 Old Bainbridge Rd.. 

The Monroe Apartments include 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. 

Eastam says it is a private equity real estate firm dedicated to providing risk-adjusted returns to investors through the transformation of undervalued multifamily real estate. 

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