Tallahassee Apartment Complex, The Monroe, Sold for $47.5 Million
A 288-unit apartment community in Tallahassee, Florida, known as The Monroe Apartments, has been sold for $47.5 million, a transaction that reflects continued investment in the city’s multifamily housing market.
The property, located at 2677 Old Bainbridge Road, was acquired in July 2019 as part of the Eastham Capital Fund V, LP portfolio, in partnership with Merion Realty Partners. Eastham Capital, a private equity real estate firm, announced the disposition today, October 24, 2025. The Monroe features a mix of one-, two-, and three-bedroom units ranging from 1095 to 1695 square feet and was originally built in 1999.
According to Matthew Rosenthal, founder and managing director of Eastham Capital, “The Monroe was a very successful investment for both Merion and Eastham. We are extremely pleased with the returns that were realized for our investors.” He further stated the property’s performance “upholds our value-add investment strategy, which worked very well in Florida’s great capital city.” During their ownership, Eastham and Merion implemented improvements that increased occupancy to approximately 95% and raised in-place rents from $1,133 to $1,642.
The Monroe’s location along I-10 provides convenient access to major employment centers, universities like Florida State University, and state government offices. The sale highlights the ongoing demand for well-positioned apartment communities in growing metropolitan areas; you can learn more about current apartment market trends from the National Multifamily Housing Council.
Officials stated they anticipate continued growth and investment in the Tallahassee real estate market.
