Tallahassee, FL – Edgecap Partners LLC, an affiliate of Edgewater Group LLC (“Edgewater”), is pleased to announce the acquisition of 14 buildings totaling 38 bedroom units in Tallahassee, FL, by Chapel Hill Partners LLC, a subsidiary of Edgewater Valley Forge Fund LP. The apartments are in a prime location, less than a half a mile from the Florida State University campus. At present, the area is in the growth stage of its lifecycle with the Tallahassee apartment market having strengthened over the past 4-5 years, with an overall average vacancy of 4.4%, down 10.1% from 2009. This is primarily due to the demand generated from students attending Florida State University, Florida Agricultural & Mechanical University and Tallahassee Community College.
The property was purchased from Cadence Bank for $1.5 million. Financing was provided by Centennial Bank.
Founded in 2008, Edgewater is a boutique multidisciplinary real estate Firm that provides distressed advisory, management and value-add investment services. Edgewater’s unique focus is on the micro and middle market segments in secondary and tertiary locations in the United States.