Tuesday, June 9, 2015

Marcus & Millichap Brokers $6.37 Million Sale of club at Lake Jackson Apartments in Tallahassee, FL


Michael Donaldson
TALLAHASSEE, FL, June 9, 2015 – 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 Club at Lake Jackson, a 120-unit apartment property located in Tallahassee, FL, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. 

The asset sold for $6,375,000.

Michael Donaldson, Vice President Investments, and Nicholas Meoli, Associate Vice President Investments, in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a bank/financial institution. 

 The buyer, a limited liability company, was secured and represented by Nicholas Meoli and Michael Donaldson. 
Club at Lake Jackson is located at 5001 Lake Front Drive in Tallahassee, FL.  

The 120-unit, class “B”, garden-style apartment community is located off of North Monroe Street (US-27) in a nature preserve that is situated next to Lake Jackson, a six-mile prairie lake known for its abundance of wildlife and scenic views. 


Nicholas Meoli
Residents are attracted to the suburban, tranquil, natural surroundings while still being within short commutes to Tallahassee’s major employment, entertainment and educational destinations.

“The Club at Lake Jackson attracted a tremendous amount of interest from the market due to the community being an excellent repositioning opportunity as a result of the recent foreclosure,” says Donaldson. 

“With a unit mix of 80 percent two- and three-bedroom floor plans just under a 1,000 square foot average and being situated next to a 43 acre park, the property has the ability to obtain substantially higher rents and occupancy level through additional renovations to the property.”

“As a result of our emphasis on this upside, our thirty day national marketing campaign generated approximately 200 registered buyers from 31 states and five countries which resulted in 21 offers on the property,” says Meoli. “We ultimately sold the asset to a Sarasota based group that closed in less than 30 days.”

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

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

(813) 387-4700

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