TALLAHASSEE, Fla., January 16, 2018 – 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 Villa San Michele, a 272-unit apartment property located in Tallahassee, Florida, according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $9,515,000.
John E. Brigel, an investment specialist in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a financial institution. The buyer, a partnership, was secured and represented by John E. Brigel.
“The seller, after an unsuccessful attempt to sell the property a year ago, engaged Marcus & Millichap to get it sold. We told a compelling story creating a market for the asset that attracted qualified and motivated buyers nationwide willing to acquire the property at our client’s price. The marketing efforts developed strong, high-quality offers thus teeing up buyers for similar properties,” says Mr. Brigel.
Constructed in 2008 the subject property is 99 percent leased as of September 6, 2017, with 91.5 percent of the leases having a guarantor. The community is a gated student housing townhome community and serves Florida’s largest tier-one student housing market. Villa San Michele is located at 1694 Baldwin Park Drive in Tallahassee, Florida.
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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