Acquires The Monroe

Merion acquired The Monroe apartments in Tallahassee, Florida on July 16th 2019. This 288 unit property is conveniently located along I-10 with close proximity to Tallahassee's major employment centers, universities and state government. The property has excellent accessibility to key interstates, and is surrounded by various shopping and entertainment amenities. The Monroe was built in 1999 and substantially renovated in 2018. The property received a complete exterior and interior rehab and was nearing full lease-up by the time of the purchase. Merion's business plan has commenced with the full renovation of a down building consisting of 24 units, which are projected to be back on-line within the first 90 days of ownership. Additionally the property is in need of minor, but meaningful, curb appeal enhancements and improvements to an already best-in-market amenity package. The fully upgraded units feature stainless appliances, high end LVT flooring and fully upgraded kitchen and bathrooms. Each of the one, two and three bedroom units features an additional half bathroom. The property has by far the most spacious layouts in the market with an average square footage of 1,500 square feet. Merion's upgrades to the common areas and high impact amenity improvements will position the property to capitalize on the strong fundamentals for conventional product in Tallahassee.