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| The Residences at Five Points, Valdosta, GA |
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| College Station Student Housing Community Valdosta, GA |
John E.
“Jay” Brigel, a senior investment specialist in Marcus & Millichap’s
Tampa office, represented the sellers and buyers in both transactions. The
Residence at Five Points’ seller is a South Georgia private investment group.
The purchaser is based in South Florida. A Texas-based company acquired College
Station from a local owner.
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| John E. Brigel |
“The two
properties received a great deal of interest from the investment community and
the sales set a high standard for per door pricing in South Georgia, particularly
College Station, where 80 percent of the units are two-bedroom/two-bath,” says
Brigel.
“The new owners, both of whom happen to be first-time investors in the
state of Georgia, are well positioned for revenue growth in this strong
multifamily and student housing submarket.”
The Residences at Five Points is a gated 264-unit apartment
development located on approximately 15 acres at 100 Garden Drive in Valdosta.
The property is conveniently located near South Georgia Medical Center,
Valdosta State University and Moody Air Force Base.
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| Valdosta State University campus Valdosta, GA |
In August 2012, The Residences at Five Points was 95 percent
occupied and full occupancy is expected by August 2013. The tenant mix is
approximately 60 percent student, 22 percent professional and 18 percent
military.
College
Station is located at 1400 Baytree Dr. in Valdosta, just a block from Valdosta
State University, and is 100 percent occupied. The property is situated on
seven acres, comprises 102 units and was built between 2005 and 2011.
The
222-bed asset includes 64 two-bedroom/two-bath units of 897 square feet, 20
two-bedroom/two-bath units of 1,000 square feet and 18 three-bedroom/three-bath
units of 1,195 square feet.
For a complete copy
of the company’s news release, please contact:
Ben Johnson,
Marketing Director
(925) 953-1736
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