TALLAHASSEE, F– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of University Courtyard, (top right photo) a 96-unit/384-bed student housing community located in Tallahassee, Florida, according to Bryn D. Merrey, Regional Manager of the firm’s Tampa office.Dorothy Jackman, (top left photo) Associate Vice President, Investments and Travis Prince, (bottom right photo) 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 limited liability company, was also secured and represented by Jackman and Prince.
“The deterioration of the broader market fundamentals made this deal difficult to get done in a conventional way, but the buyers offered strong terms that ultimately won them the deal.
"The asset is performing well and delivering tremendous yields to the new owners out of the gate” notes Prince.
University Courtyard is located at 3025 South Adams Street and consists of 96, four-bedroom/two-bathroom units at 1,192 square feet (384 beds).
Built in 2000, the community offers fully-furnished units that are leased by-the-bed and multiple amenities, including a swimming pool, sand volleyball court, fitness center and a business center with a computer lab, study rooms, copier and fax service. The community is currently 100 percent occupied.
Press Contact: Bryn D. Merrey, Regional Manager, Tampa, (813) 387-4700
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