Tallahassee, FL – Capstone Apartment Partners has negotiated the sale of Ridgewood Apartment Homes, a 105-unit multi-family community located in Tallahassee, FL. Capstone’s Brian Hunsicker and Jad Richa exclusively represented the Florida-based seller in the $6,200,000 transaction. The buyer was Phoenix South Management, a Tallahassee based investment group specializing in multifamily housing. Phoenix South intends to continue the unit enhancement program implemented by prior ownership while creating some operational efficiencies by adding to their already expansive portfolio within the market.
This sale represents Capstone Apartment Partners’ 5th recent Cardinal asset transaction and 7th transaction in the Tallahassee market in the past 16 months.
“The stability that the Tallahassee rental market provides continues to become more appealing to a broader investor base as evidenced by the increased transaction volume over recent months,” explains Hunsicker. “Due to Capstone’s aggressive marketing efforts and expertise with Cardinal assets, we were able to generate significant activity resulting in sixteen written offers within a condensed marketing period.”
Ridgewood Apartments is a 1980’s Cardinal construction asset consisting of fourteen single story buildings with an average unit size of 560 square feet. The property was 97% occupied at the time of sale.
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Capstone Apartment Partners is the largest privately-owned investment sales firm in the Southeast, with offices in Tampa, Orlando, Charlotte, Raleigh-Durham, Richmond, Cincinnati, and Nashville. Focused on the transaction of multi-family properties throughout the Midwest and Southeast, Capstone was ranked in the top 2% of brokerage firms nationwide for total sales in 2017, and 14th in annual garden-style apartment sales.
For more information contact Brian Hunsicker – (727).631.5870/h.brian@capstoneapts.com or Jad Richa (727).282.5547/jad@capstoneapts.com – or visit www.capstoneapts.com.