Saturday, July 16, 2016

Marcus & Millichap Arranges $1.5 Million Sale of 24-Unit Continental Park Apartments in Tallahassee, FL

Joshua Teplitzky
TALLAHASSEE, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Continental Park Apartments, a 24-unit multifamily community located in Tallahassee, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $1,500,000.

Joshua Teplitzky, senior associate, Francesco P. Carriera and Michael P. Regan, both first vice president investments, all 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 by the three brokers.

“This transaction demonstrated our ability to drive offers from buyers in multiple geographic regions throughout the country including Arizona, central Florida and New York,” says Teplitzky. “The buyer ultimately came from New York and was able to lock in financing through Freddie Mac for a seven year fixed rate loan.”

Continental Park Apartments is a 24-unit multifamily community located at 2393 Continental Avenue in Tallahassee, Florida. The property consists of all two-bedroom/two-bathroom floor plans with washer and dryer appliances, and the buildings sit on an approximate 1.25 acre parcel of land.

Francesco P. Carriera
Tallahassee is Florida’s State Capital as well as one of Florida's most prominent college cities. As a result, the city functions as Florida’s center for both government and education.

The property is within two miles of Florida State University and Tallahassee Community College, and is located within close proximity of downtown Tallahassee. Tallahassee was voted the “Most Livable City in America” by the United States Conference of Mayors.

“This asset was highly desirable due to its late 1980’s construction and having an average unit size of 1,000 rentable square feet,” concluded Teplitzky.

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

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

(813) 387-4700

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