|Francesco P. Carriera|
Monday, March 13, 2017
TALLAHASSEE, FL, March 13, 2017 – 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 a two-property, 195-unit multifamily portfolio located in Tallahassee, Florida, according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $9,350,000.
Joshua Teplitzky, senior associate, and Francesco P. Carriera and Michael P. Regan, both senior managing director investments, had the exclusive listing to market the property on behalf of the seller. Cameron Barbas, senior associate, along with Teplitzky, Carriera and Regan procured the buyer.
“The Tallahassee Portfolio was part of a two-property sale that was the product of a perfectly executed 1031 exchange within our team,” says Barbas. “The buyer exited a 100-unit property in South Tampa that we sold in August of 2016 for $6.4 million.”
“With this acquisition the buyer almost doubled the number of unit in his portfolio and reduced his overall basis on a cost per unit,” adds Teplitzky. “The buyer plans to add significant value on the unit interiors and convert a larger portion of the tenant base to students due to the close proximity of the properties to campus.”
The portfolio consists of two studios, 97 one-bedroom/one-bathroom, 64 two-bedroom/one-bathroom, 24 two-bedroom/two-bathroom and eight three-bedroom/two-bathroom units ranging in size from 550 square feet to 1,250 square feet.
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Posted by Alex at 12:14 PM