TALLAHASSEE, FL—Capstone Apartment Partners has closed the $19.18 million sale of The Abby: a 158-unit garden-style apartment community off US 27 in Tallahassee, Florida.
Capstone’s Jad Richa, Brian Hunsicker, Tom Huffsmith, and Cameron Hooper sold The Abby on behalf of the seller and procured the buyer, New York-based Topaz Capital Group. They plan to continue the value-add initiatives that were implemented by prior ownership which include interior unit renovations and curb appeal enhancements.
“We see tremendous upside in this rental pocket and the stable fundamentals of Tallahassee provide us with a level of comfort to avoid potential economic headwinds,” said Marc Hershberg of Topaz Capital Group. “Topaz was very impressed with Capstone’s Florida team’s performance and execution on this transaction. We’re excited to continue closing with their team and greater company.”
Built in 1978, The Abby is comprised of one-, two- and three-bedroom apartment homes with both standard and premium interior finish levels. Community amenities include a swimming pool, clubhouse, fitness center, storage spaces, onsite management, and coin laundry facilities. The asset was approximately 97.5% occupied at the time of closing.