TALLAHASSEE, Fla., August 20, 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 The Oaks at Lake Jackson, an 120-unit apartment property located in Tallahassee, Fla., according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $10,250,000.
Michael Donaldson and Nicholas Meoli, senior vice presidents 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 was also secured and represented by Michael Donaldson and Nicholas Meoli.
“The Oaks at Lake Jackson is a unique market-rate renovated community with over $1.5 million in recent capital expenditures, primarily executed on the exterior and common areas,” says Mr. Donaldson. “The community is situated on the 4,000-acre Lake Jackson and targets a niche non-student demographic with an excellent value-add opportunity to continue interior renovations that were started.”
“Through our national marketing campaign, we generated 264 registered buyers and procured 13 offers – ultimately selling the property at $85,416 per unit,” adds Mr. Meoli. “We continue to see strong demand for non-student housing in Tallahassee that capitalizes off the government and education sectors in the submarket.”
The Oaks at Lake Jackson is a 120-unit multifamily community located in Tallahassee, Fla., home of the state capital with a workforce of 40,000 government employees. Built in 1988, The Oaks at Lake Jackson is a Class “B” community that offers a diverse unit mix with 20 percent one-bedroom units, 67 percent two-bedroom units and 13 percent three-bedroom units with an average of just under 1,000 square feet. The property features amenities such as an outdoor firepit area with grill station, fitness room, lakeside patio area and swimming pool. The Oaks at Lake Jackson is located at 5001 Lake Front Drive in Tallahassee, Fla.
# # #
About Marcus & Millichap (NYSE: MMI)
With over 1,800 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 2017 with a value of approximately $42.2 billion. Marcus & Millichap 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