Miami firm acquires Tallahassee rental complex for $57.8M

Lloyd Jones' per-unit cost was about $120,000 for the 444-unit complex

Miami /
Jun.June 24, 2018 12:00 PM

The Westcott Apartments in Tallahassee (Credit Rent.com)

Lloyd Jones Capital, a Miami-based private equity firm, acquired a recently renovated apartment complex in Tallahassee for $57.8 million.

Lloyd Jones’ per-unit cost was about $120,000 for the 444-unit complex at 3909 Reserve Drive in Tallahassee, located five miles from the Capitol Building.

The rental complex, called The Westcott Apartments, was built in two phases, 300 units in 2000 and 144 in 2005.

It is the second apartment property in Tallahassee that Lloyd Jones has acquired. The Miami firm also owns Jackson Square Apartments, located six miles from The Westcott Apartments.

The Westcott has one-, two-  and three-bedroom units, and its amenities include two swimming pools, two gyms, playgrounds and tennis courts.

Lloyd Jones specializes in investments in rental housing and senior housing. – Mike Seemuth


Related Articles

arrow_forward_ios
From left: Jim Cohen, Nancy Corey, Nathan Zeder, Alicia Cervera Lamadrid, Phil Gutman and Mike Pappas (iStock)
South Florida’s pandemic-fueled residential market poised for bull run in 2021
South Florida’s pandemic-fueled residential market poised for bull run in 2021
Kathleen DuRoss Ford and 300 North Lake Way (Getty, Google Maps)
Kate Ford’s Palm Beach estate sells for $55M
Kate Ford’s Palm Beach estate sells for $55M
Oprah Winfrey and (inset) Lawrence Stroll over the unit (Getty)
You get a condo! Billionaire Lawrence Stroll sells Oprah’s former Fisher Island penthouse
You get a condo! Billionaire Lawrence Stroll sells Oprah’s former Fisher Island penthouse
Gables Town Colony apartment complex, Sue Ansel of Gables Residential
Gables Residential scores $85M loan for Boca Raton apartment complex
Gables Residential scores $85M loan for Boca Raton apartment complex
Broadstone City Center with Alliance Residential’s Bruce Ward and Nuveen CEO Jose Minaya
Nuveen pays $103M for West Palm luxury apartments
Nuveen pays $103M for West Palm luxury apartments
Edmund Ansin and the property (Credit: Google Maps)
Billionaire TV family sells Miramar property to Florida Crystals
Billionaire TV family sells Miramar property to Florida Crystals
Toscana apartments and Juan Porro of FCI Residential
Florida Crystals sells Margate rentals for $60M
Florida Crystals sells Margate rentals for $60M
From left: Andrea and Renzo Rosso
Diesel family dishes on Wynwood condo project
Diesel family dishes on Wynwood condo project
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...