Sunday, June 28, 2015

Azalea Woods Student Housing in Valdosta, GA Sold for $3.9 Million in Deal Brokered by Marcus & Millichap


John E. Brigel
VALDOSTA, GA – 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 Azalea Woods, an 80-unit apartment property located in Valdosta, Ga., according to Richard D. Matricaria, regional manager of the firm’s Tampa office.

The asset sold for $3,900,000.

John E. Brigel, vice president investments, 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 secured and represented by Brigel, and Michael Fasano, broker for the state of Georgia, assisted in closing of this transaction.

Azalea Woods, a student housing community, is located at 811 West Mary Street in Valdosta, Georgia and is immediately across from Valdosta State University. Currently there are 80 existing units consisting of 38 three-bedroom/one-bath, 38 two-bedroom/one-bath and four one-bedroom/one-bath.

“I suggested to my seller, a longtime client, that a higher and better use for his strategically situated, family Section 8 asset would be as a prime location, student housing property. He agreed, and so did the investor,” says Brigel.

For a complete copy of the company’s news release, please contact:

Richard D. Matricaria
Vice President/Regional Manager
Tampa, FL

(813) 387-4700

No comments:

Post a Comment