TALLAHASSEE, FLA., September 23, 2015 – 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 Pensacola Station Apartments, a 24-unit multifamily community located in Tallahassee, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $1,300,000.
Joshua Teplitzky, investment associate, Francesco P. Carriera, vice president investments, and Michael P. Regan, vice president investments, all in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, a private investor, was secured and represented by Teplitzky, Carriera and Regan
Pensacola Station Apartments is located just north of Pensacola Street at 103 Cactus Street. The property consists of two, two-story buildings. The buildings are comprised of one-bedroom/one-bathroom units, two-bedroom/one-bathroom units and four-bedroom/two-bathroom units. Within the last two years the property was upgraded with new roofs on both buildings, new windows, new exterior siding, repaved and restriped parking lot, renovated swimming pool and upgraded unit interiors. The property is approximately 10 minutes south of Interstate 10, which provides easy access to Jacksonville to the east and Mobile, Alabama to the west.
“Through our marketing campaign we were able to generate multiple offers and source a buyer from Tampa,” says Teplitzky. “Buyers are continuing to chase yield into tertiary markets as cap rates are compressing in primary and secondary markets. This asset was constructed in 1994 and received approximately $400,000 of capital improvements over the last couple of years.”
# # #
About Marcus & Millichap (NYSE: MMI)
With nearly 1,500 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 7,600 transactions in 2014 with a value of approximately $33.1 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