MIAMI, FL - Monument Capital Management, an A-Rod Corp company and one of the country’s premier fully integrated real estate investment firms, has announced 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 manage the community.
Berkadia’s Brad Williamson and Wes Moczul arranged the financing on behalf of Monument Capital Management. David Etchison of Berkadia represented the seller, Alabama-based TrimCor.
Built in 2021, Grove Park is a two-story garden-style apartment community spanning more than 30 acres. The property features a low-density site plan and spacious residences averaging 1,713 square feet, distinguishing it within the submarket.
Grove Park was built to a high standard of design and construction, comparable to for-sale housing, and includes a diverse mix of one-, two-, and three-bedroom layouts, highlighted by single-story duplex residences yards with private, fenced-in yards.
The anticipated business plan comprises a targeted, lighter renovation scope and an emphasis on engaged property management. The goal is to maximize operational efficiency and drive value through active ownership oversight and hands-on management, while modernizing the property through select, value-enhancing improvements.
Community amenities include a 7,400+ square-foot clubhouse with café bar, TV lounge, business center, and rentable conference room and event space. Additional amenities include a saltwater zero-entry pool and 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.”
Located in Southeast Tallahassee, one of the city’s most sought-after submarkets, Grove Park offers convenient access to major employment centers including Tallahassee International Airport, Downtown Tallahassee, Florida State University, and the State Capitol. The community also benefits from its proximity to prominent retail centers, quality schools, and recreational venues, all accessible within a 25-minute drive.
About Monument Capital Management: Monument Capital Management (MCM), an A-Rod Corp company, is one of the country’s premier fully integrated real estate investment firms. Specifically targeting markets with a strong demand for workforce housing, MCM has acquired more than $1 billion of real estate assets across 16 states through a series of opportunistic private equity funds and joint ventures. The organization strategically identifies assets in markets with attractive demographics at a deal size where competition is limited, and its seasoned team can immediately leverage its operational expertise. The firm has excelled at its mission of investing in real estate assets where it can add value and deliver superior, risk adjusted returns, while protecting capital and mitigating downside risks. For additional information, visit www.mcmgmtllc.com