TALLAHASSEE, Fla., October 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 Pensacola Station Apartments, a 24-unit apartment property located in Tallahassee, Fla., according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $1,499,000.
Joshua Teplitzky, Francesco P. Carriera, and Michael P. Regan, investment specialists 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 also secured and represented byJoshua Teplitzky, Francesco P. Carriera, and Michael P. Regan.
Pensacola Station Apartments is a 24-unit multi-family community located in the Leon County’s Tallahassee, Fla. The property consists of two, two-story residential buildings and sits on an approximate 1.44-acres. Originally built in 1994 and upgraded in 2012, improvements include a new roof on both buildings, new windows, new exterior siding, repaved and restriped parking lot, renovated swimming pool and upgraded unit interiors. Pensacola Station Apartments is located at 103 Cactus Street in Tallahassee, Fla.
“Pensacola Station Apartments represents another transaction in which we were able to bring out-of-state capital from the West Coast into the Tallahassee market,” says Teplitzky. “The buyer was attracted to the newer vintage of the asset as well as it being recently renovated in 2012,” added Teplitzky. “Through utilizing our relationships with local lenders, we were able to help the buyer secure a four and one-quarter percent interest rate which was significantly better than other quotes in this rising interest rate climate,” concluded Teplitzky.
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