Monument Capital Management, an A Rod Corp company, has completed the acquisition of Grove Park Apartments, a 324 unit Class A multifamily community in Tallahassee, Florida. Monument Real Estate Services, an affiliate of Monument Capital Management, will oversee management of the property.
The transaction was arranged by Berkadia, with Brad Williamson and Wes Moczul securing financing on behalf of the buyer. David Etchison of Berkadia represented the seller, Alabama based TrimCor.
Grove Park was completed in 2021 and is a two story garden style community positioned on more than 30 acres. The development features a low density site plan with residences averaging 1,713 square feet, placing it among the larger unit offerings in the submarket. The property includes a mix of one, two, and three bedroom layouts, with an emphasis on single story duplex style residences that include private fenced in yards.
The community was constructed to a high standard similar to for sale housing. Monument Capital Management plans a targeted renovation program focused on select value enhancing upgrades while maintaining operational efficiency through active oversight and engaged property management.
Amenities span a 7,400 plus square foot clubhouse with a café bar, TV lounge, business center, and rentable conference room and event space. Outdoor and recreational features include a saltwater zero entry pool with sundeck, fitness center, cedar sauna, playground, bark park, and preserve like views across the site.
“Grove Park represents the type of high-quality community that aligns with our investment strategy,” said Erin Knight, President of Monument Capital Management. “The demand for spacious, highly amenitized rental communities continues to expand in northern Florida, particularly in Tallahassee, and we look forward to building on that momentum through thoughtful enhancements and strong operational performance.”
The property is located in Southeast Tallahassee with access to major employment nodes including Tallahassee International Airport, Downtown Tallahassee, Florida State University, and the State Capitol complex. The site is also near retail centers, public schools, and recreation areas within a 25 minute drive.
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