FL Luxury Conversion Sells for $35M

Waypoint Residential traded the 288-unit multifamily asset in Tallahassee after converting it from student housing. Newmark Knight Frank represented the seller and procured acquisition financing for the buyer.
The Monroe Apartments
The Monroe Apartments. Image courtesy of Newmark Knight Frank

Waypoint Residential has sold The Monroe Apartments, a 288-unit luxury community in Tallahassee, Fla., to Merion Realty Partners for $35.1 million, according to Leon County records. Newmark Knight Frank represented the seller and secured a $29.5 million bridge loan for the new owner. The property last changed hands in 2017 when Calidus Holdings sold it for $16.1 million, per Yardi Matrix data.

Located at 2677 Old Bainbridge Road, The Monroe is 4 miles northwest of downtown Tallahassee, near Interstate 10’s intersection with U.S. Highway 27. The property is near a Walmart and less than 2 miles from The Centre of Tallahassee, a mixed-use multi-phase redevelopment of the former 747,000-square-foot Tallahassee Mall. Florida State University is approximately 3 miles south of the asset.

Luxury repositioning

Following the 2017 sale, Waypoint began work to convert the 1999-built student housing property into luxury apartments, which completed in 2018. The asset’s  17 buildings feature one- to three-bedroom units with an average floorplan of 1,496 square feet. Community amenities include a swimming pool, clubhouse with coffee bar, movie theater, fitness studio and volleyball court. 

NKF senior managing directors Erik Bjornson and Tyler Nilsson represented the seller in the disposition. The firm’s Matthew Williams, Kyle Schlitt and James Maynard secured the financing for the buyer.

Closer to downtown Tallahassee, a 440-unit community traded for $41.8 million in January. Carter Multifamily made the acquisition with plans to renovate and rebrand the property.