TALLAHASSEE, FL—Capstone Apartment Partners recently brokered the sale of Cypress Gardens Apartments, now known as The Abby at 2700. This 157-unit apartment community in Tallahassee, FL was sold to a Boston-based buyer for $7,775,000, or $49,522 per unit. The transaction included a Fannie Mae loan assumption that was completed in an extraordinary timeframe of less than 60 days.
Cypress Gardens was built in 1973 and is located within walking distance of the Tallahassee Mall and less than 10 minutes from downtown Tallahassee. The property has direct access to major thoroughfares, such as I-10 and Hwy 271, which offers residents ideal proximity to abundant shopping, dining, and retail amenities as well as major employment centers. The buyer plans to infuse capital into the property for exterior renovations and improvements to the amenities and common spaces.
According to lead broker Jad Richa, “the Tallahassee market continues to be a desirable market for investors due to the growing and diverse economy that includes education, government, and medical employment centers. We continue to see significant demand for well-located, value-add assets in Tallahassee.”
Capstone Apartment Partners brokered the sale by leveraging its multi-office, collaborative platform with Jad Richa and Brian Hunsicker from Capstone’s Tampa office leading the transaction.