The Monroe

IPA is pleased to present The Monroe (the “Property”), a three-story, garden walk-up multifamily property located in Tallahassee, Florida.

The Monroe Apartments present a compelling value-add investment opportunity in one of Tallahassee’s strongest-performing submarkets. Built in 1999 and converted to conventional units in 2018, this 288-unit garden-style community boasts some of the largest floorplans in the MSA, averaging 1,497 SF, each with one bathroom per bedroom plus a half bath. Situated on a sprawling 39-acre site, the property offers a low-density living environment (7.4 units/acre) paired with an extensive amenity package, including a resort-style pool – ranked #1 in Tallahassee – state-of-the-art fitness center, clubhouse, and modern in-unit finishes such as stainless-steel appliances and luxury vinyl plank flooring.

Offered at a basis well-below replacement cost, The Monroe benefits from immediate access to I-10 and proximity to over 2.25M SF of retail and major employment centers, including downtown Tallahassee and the Capital Circle Office Center. Located in the high-demand Northwest Tallahassee submarket, which outpaces the MSA in rent growth and no new multifamily construction within a 7-mile radius, this asset is poised to capitalize on tight market fundamentals, job growth, and continued upward pressure on rents.