TALLAHASSEE, Fla., January 23, 2014 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Rolling Hills Apartments, a 152-unit multifamily community located in Tallahassee, Fla., according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $6,440,000.
Francesco “Frank” Carriera and Michael Regan, vice presidents investments in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the Georgia-based seller, a private investor. The listing agents also procured the buyer of the property a private investor from Tallahassee, Fla.
Rolling Hills Apartments was built in 1972 and are located at 280 John Knox Road in Tallahassee, Fla. The property consists of seven, two-story buildings comprised of one-, two and three bedroom units. In 2004, 18 three-bedroom/three-and-a-half bathroom townhome units were added. All townhome units have back patios with views of a natural spring-fed lake. Property amenities include on-site laundry facilities, washer and dryer appliances in all townhome units, washer and dryer connections in select units, a fitness center, barbeque and picnic area, a clubhouse and a pool.
“We generated nine offers from buyers located in the Southeast, Northeast and Central U.S. regions, says Carriera. “The incredible amount of interest we received in the offering, allowed for multiple offers over the seller’s expectations, with several buyers offering non-refundable deposits immediately upon execution of the purchase contract,” adds Carriera. “The Tallahassee market allows investors from all over Florida to take advantage of buying investments at slightly higher yields than most other markets in Florida. Additionally, investors are attracted to Tallahassee due to the stable government and higher education employment opportunities,” concludes Carriera.
# # #
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.