Two Tallahassee apartment properties, Lullwater and Glen Hollow, sold

Lullwater at Blair Stone was recently acquired by Carter Funds, a real estate advisory and management firm.

The 244-unit apartment complex sold for $51 million, according to property records. Lullwater at Blair Stone is located near Publix Super Market at SouthWood Village. 

According to a statement, Robert Stickel, Alex Brown and Jubeen Vaghefi of Cushman & Wakefield represented the sellers, Novare Group and Fickling & Co., in the transaction. 

“Fickling and Novare saw an opportunity to provide luxury rental housing to the Tallahassee market, designing and delivering a beautiful community with thoughtful amenities,” said Stickel, in a statement. “Local residents recognized this and responded to it with strong demand on a successful lease-up."

In another apartment sale, 48-unit Glen Hollow apartments near the Providence neighborhood sold for $1.53 million. The deal was represented by Benjamin Skinner and Matthew W. Prozzillo, investment specialists at Marcus & Millichap in Orlando. Both the buyer and seller are private investors. 

“Glen Hollow represents an opportunity for the buyer, a seasoned value add player, to reposition the asset through a strategic renovation and operation plan,” said Prozzillo in a statement. “The buyer was attracted to this asset due to the deep value-add potential through both interior/exterior renovations and leasing.”

Contact TaMaryn Waters at tlwaters@tallahassee.com or follow @TaMarynWaters on Twitter. 

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