TALLAHASSEE, FLA., October 21, 2014 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Tanglewood Apartments, a 112-unit multifamily community located in Tallahassee, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The $5,250,000 sales price equates to $46,875 per unit.
Michael P. Regan and Francesco P. Carriera, vice presidents investments in Marcus & Millichap’s Tampa office, represented both parties in the transaction.
Tanglewood Apartments were built in 1974 and are situated on approximately 8.87 acres of land at 1600 Pullen Road in Tallahassee, Florida. The property consists of 15 two-story residential buildings and an additional one-story building that serves as a leasing office, clubhouse and fitness center. The residential buildings are a mix of one and two-bedroom/two bath units with central heating and air-conditioning. Amenities of the property include stackable washer and dryer appliances in all units, fitness center, car care center, dog walk area, clubhouse with a full kitchen, business center, billiards room and a sparkling swimming pool.
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About Marcus & Millichap (NYSE: MMI)
With over 1,300 investment professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed over 6,600 transactions in 2013 with a value of approximately $24 billion. The company has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com