Berkadia Arranges Sale of Garden-Style Apartment Community in Tallahassee, Florida
TALLAHASSEE, Fla. (August 5, 2022) – Berkadia announces it has arranged the sale of The Westcott, a 444-unit garden-style apartment community located in Tallahassee, Fla., along the state capital’s main east-west thoroughfare, the Apalachee Parkway. Managing Director David Etchison, Senior Managing Directors Cole Whitaker and Jason Stanton and Managing Director Brett Moss of Berkadia Orlando, and Director Greg Rainey of Jacksonville arranged the sale on behalf of the seller, Lloyd Jones Capital, a private multifamily investment firm based in Miami.
Pedcor Homes Corporation of Carmel, Ind. acquired the property.
“The Westcott Apartments is an exceptionally well-located property on the outskirts of Tallahassee offering residents easy access to the metro’s major employers and quality-of-life amenities, including restaurants, golf courses and retail centers ,” said Etchison. “The buyers acquired a premier, low-density suburban community in which 80 percent of the units were in classic or partially renovated condition, providing a rare large-scale value-add opportunity.”
Located at 3909 Reserve Drive, The Westcott Apartments were constructed in two phases during 2000 and 2005 on a 65-acre site, and offer one-, two- and three-bedroom apartment homes that average from 865 to 1,598 square feet. Individual units feature 8-foot ceilings, stainless steel energy efficient appliances, granite countertops, ceramic tile or vinyl flooring, upgraded plumbing, carpeted bedrooms, roman tubs, spacious walk-in closets, intrusion alarms, washer and dryers, balconies, patios or solariums and direct access garages. Community amenities feature two resort-style pools with spas, two kiddie pools, outdoor summer kitchens, a fireside lounge, a fitness center with kid’s club, tennis courts, a bark park, pet grooming stations, resident smart lounge with free Wi-Fi, two playgrounds, storage units, 24-hour maintenance and abundant green space with walking jogging paths.
Located in the Copper Creek neighborhood of east Tallahassee, The Westcott Apartments are a 10-minute drive from downtown Tallahassee and Capitol Hill, and a short distance from Governor’s Square Mall, Capital Commerce Center, Koger Executive Center, Tallahassee International Airport, Capital City Country Club, Seminole Legacy Golf Club, Town Brown Park, Florida State University and Tallahassee Memorial Healthcare.