Sunday, December 18, 2016

Marcus & Millichap Handles $5.65 Million Sale of The Pines Apartment Homes in Tallahassee, FL

Megan D. Johnson

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 The Pines Apartment Homes, a 96-unit apartment community located in Tallahassee, Florida, according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $5,650,000.

Michael Donaldson and Nicholas Meoli, both vice president investments in Marcus & Millichap’s Tampa office, and Megan D. Johnson, associate in the firm’s Jacksonville office, had the exclusive listing to market the property on behalf of the seller.

 The buyer was secured and represented by Matthew Luchs, associate, and Joshua Luchs, vice president investments, both in Marcus & Millichap’s Encino office. 

“The sale of The Pines Apartment Homes was a prime example of the exposure that exclusive representation with Marcus & Millichap can generate,” says Donaldson.

“Through a targeted national marketing campaign, 12 offers were procured from buyers spanning all regions of the country. Attracted to the proven value-add potential of the property that we outlined, the ultimate buyer was a New York based investment group represented by the Luchs Team in our Encino, California office.”

Michael Donaldson
“This multi-office collaboration and ability to source out-of-state private capital is the epitome of Marcus & Millichap’s marketing platform and the result of the culture of sharing of the 1,600 agents in 80 office across the U.S. and Canada,” adds Meoli.

The Pines Apartment Homes is located at 3801 Mission Trace Boulevard in northwest Tallahassee, Florida. Built in 1989, the 96-unit property consists of 13 buildings on approximately 4.9 acres.

The Pines boasts highly desirable floor plans that is comprised of 40, two-bedroom/two-bathroom units at 1,110 rentable square feet and 56, three-bedroom/two-bathroom units at 1,150 rentable square feet.

The property has undergone numerous capital improvements including all new roofs, siding replacement, new gutters, drains, signage, exterior lighting and landscaping between 2012 and 2016.

The Pines Apartment Homes is located in a quiet residential community, within a short commute to downtown, Tallahassee Community College and the newly renovated mall, The Centre of Tallahassee.

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

Ari Ravi
Regional Manager, Tampa
(813) 387-4700

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