TALLAHASEE – Real estate private-equity firm Lloyd Jones has purchased The Westcott Apartments on the east side of Tallahassee for $57.8M. The 444-unit apartment complex at 3909 Reserve Drive is a newly renovated multifamily residence located five miles from the Capitol Building.
The Westcott was built in 2000 (300 units)/2005 (144 units) near Tom Brown Park and offers one, two- and three-bedroom floor plans. A key feature is the property’s metro connectivity and its direct access to downtown Tallahassee.
The Westcott is the private equity company’s second acquisition in the Tallahassee area, only six miles from its Jackson Square Apartments.
In line with its management strategy, Lloyd Jones plans value-add upgrades and improvements upon the Westcott’s already numerous amenities which include two swimming pools, two fitness centers, playgrounds, and tennis courts.
About Lloyd Jones
Lloyd Jones is a private-equity real estate firm that specializes in the multifamily and senior housing sectors. Building on thirty-eight years in the real estate industry, the firm acquires, manages, and develops multifamily real estate in growth markets throughout Florida, Texas, and the Southeast. Its investors include institutional partners, family offices, private investors, and its own principals.