VALDOSTA, GA, July 11, 2017 – 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 Baytree Condominiums, a 64-unit apartment property located in Valdosta, Georgia, according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $4,175,000.
John E. (Jay) Brigel, an investment specialist in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, a private investor from the Orlando area, was secured and represented by John E. Brigel. Michael Fasano, regional manager in Marcus & Millichap’s Atlanta office assisted in closing this transaction.
Baytree Condominiums is located at 1574 Baytree Road in Valdosta, Georgia. “The buyer acquired a fully-leased, market rate asset close to the university and intends to convert the property to student housing in order to raise rents markedly over the near term,” says Brigel. “The previous owner made a business decision to not market to students. Thus, while the asset was always full, rents were not maximized,” added Brigel.
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About Marcus & Millichap (NYSE: MMI)
With over 1,700 investment sales and financing 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 9,000 transactions in 2016 with a value of approximately $42.3 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