Monument Capital Acquires 324-Unit Tallahassee Apartment Venture
Berkadia arranged financing for Grove Park, a 2021-built, 324-unit Class A apartment community in Tallahassee, Florida.
David Etchison of Berkadia Central & North Florida arranged the sale on behalf of TrimCor. Brad Williamson of Berkadia Miami and Wes Moczul of Berkadia Orlando arranged acquisition financing on behalf of the buyer, Monument Capital Management of Coconut Grove, Florida, through lender MF1.
The property was 94 percent occupied at the time of the sale.
Layouts range 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.
Etchison added, “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.”
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 fitness center and cedar sauna; and playground and bark park.
Attend Connect Southeast Multifamily on December 4th in Key Biscayne when the market experts share the playbook for where capital is moving next, and how the region’s power players are positioning themselves to stay ahead of the national curve. Be there to explore the opportunities, challenges, trends, and the future outlook for the multifamily landscape throughout Florida and the Southeast. www.ConnectSEMF2025.com
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout