Tallahassee, FL- Edgecap Partners II LLC, an affiliate of Edgewater Group LLC, is pleased to announce the acquisition of the TownePlace Suites by Marriott, Tallahassee, FL by Capital Circle Properties LLC. The TownePlace Suites by Marriott is a extended stay hotel located within 5 miles of Downtown Tallahassee, Florida State University, Florida A&M University, Governor’s Square Mall, and Maclay Gardens State Park.
The TownePlace Suites by Marriott includes 93 guest rooms in 3 different models to choose from studio, one and two bedroom suites. All units are larger than the standard hotel room with fully equipped kitchens, large work stations and high-speed internet access. Additional amenities at the hotel include a relaxing outdoor pool, 24-hour fitness center, high-speed wireless internet, complimentary connection center with a computer, high-speed internet access and printer.
The property was acquired for $4,675,000. Financing was provided by Prime Meridian Bank. Debt placement was arranged by Alison Williams, Vice President of Walker & Dunlop.
Founded in 2008, Edgewater is a boutique multidisciplinary real estate Firm that provides distressed advisory, management and value-add investment services. Edgewater’s unique focus is on the micro and middle market segments in secondary and tertiary locations in the United States