Carter Multifamily Buys Tallahassee Community for $42M

Polos on Park will be rebranded as 2626 Park, as part of the firm's strategy to implement a series of renovations and upgrades to the property.
Polos on Park

After purchasing Moncler Landings for $23.2 million earlier this month—a 262-unit community in Jacksonville, Fla.—Carter Multifamily has acquired Polos on Park, a property in Tallahassee, Fla., for $41.8 million. 

Located at 2626 E. Park Ave., the community offers 440 one-, two- and three-bedroom units ranging from 745 to 1,196 square feet. The property comprises 21 two- and three-story buildings, as well as a leasing office and nine garage structures. According to Yardi Matrix, the last recorded owner was Internacional Realty, which purchased the asset back in October 2004 for $29.4 million, from Eagle Realty Group. Interior features currently include split floor plans, walk-in closets, in-home air conditioning, ceiling fans, private balcony/patios, washer/dryer connections, pantries, open kitchens, and vaulted ceilings in certain units. Residents have access to amenities including:

  • two swimming pools
  • nature trails
  • wooded views
  • private clubhouse
  • business center
  • fitness center
  • tennis and basketball court
  • Wi-Fi

Capital improvements

The asset will be rebranded as 2626 Park, as part of the firm’s strategy to implement a series of renovations and upgrades. This will include updates to apartment interiors and common areas, including the pool, clubhouse and recreational areas. Carter Multifamily will also be adding a fenced pet park, dog spa, fitness center, internet cafe, and outdoor gathering areas. 

“We believe 2626 Park is in a perfect location to serve Tallahassee’s vibrant, dynamic workforce and student population. Both Capitol Hill and Tallahassee Memorial Hospital are just a 5-minute drive from the property and the city’s largest universities are just a 12-minute drive,” said Cindy Pfeifer, CEO of Carter Multifamily, in a prepared statement.

Polos on Park is within close proximity to downtown Tallahassee, major employment, retail and entertainment centers, all reached through the Apalachee Parkway, Capitol Circle, Tennessee Street and Interstate 10. 

Image courtesy of Yardi Matrix