WAYCROSS, Ga., December 27, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Sandy Creek Apartments, a 80-unit apartment property located in Waycross, Ga., according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $1,550,001.
John E. (Jay) Brigel, a senior associate in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a government agency. Brigel also represented the buyer of the property, a Georgia-based partnership. Michael Fasano, vice president and regional manager of Marcus & Millichap’s Atlanta office is the firm’s broker of record in Georgia.
Sandy Creek Apartments is located at 600 Summit Street in Waycross, Ga. The property was built in 1973 and consists of ten, two-story buildings. Sandy Creek Apartments is located in a very desirable location, approximately one half-mile from the Mayo Clinic Hospital.
Property amenities include a sparkling pool, an on-site courtesy officer and a laundry facility.
“The asset was gifted to a local University three years ago and subsequently rents were never raised and capital maintenance items were allowed to mount,” says Brigel. “The University Foundation’s president is very excited about the final sales price and the buyer is equally excited about acquiring a nice value-add property.”
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With more than 1,000 investment professionals in offices nationwide, Marcus & Millichap Real Estate Investment Services is the largest firm specializing in commercial real estate investment services in the nation. Marcus & Millichap closed 6,149 transactions in 2012, the highest of any commercial real estate brokerage firm. Founded in 1971, the firm has perfected a powerful system for marketing properties that combines product specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology and relationships with the largest pool of qualified investors nationally.