ORLANDO, FL (Aug. 28, 2012) – Smith Equities Real Estate Investment Advisors ispleased to announce the recent sale of two multifamily properties located in Tallahassee, Fl.
The Sweet Bay Club Apartments (top left photo) is a 41 unit (164 bed student property) located on Old Bainbridge Road that sold for $3,150,000 or $19,200 per bed.
Sweet Bay was built in 2003 and was comprised of all 4 bedroom 4 Bath units averaging 1596 SF per unit.
The seller was Mica Creek-Sagamore MF Venture V: Osceola, LLC. The buyer, Varden Capital Properties, LLC is planning to reposition the property toward a more student friendly environment.
Gerald A. Smith, (middle right photo) Senior Investment Advisor for Smith Equities Real Estate Advisors brokered the deal.
The 180 unit Monterey Apartments (lower left photo) sold for $3,750,000 or $20,833 per unit. Built in 1974, the average size was 989 SF per unit. The seller, Monterey Associates LTD, a Wisconsin limited partnership had owned the property since it was built. The buyer, Cabat Properties LLC is planning a major renovation and repositioning of the property.
Smith brokered both deals.
“The Tallahassee multifamily market remains very strong in both occupancy and rents. The combination of a strong student population along with the government infrastructure in Tallahassee provides the demographics for a high level of investor demand for this market” said Smith.
“Having the technology to assess the market conditions and provide timely market data
to potential buyers is the key to successfully marketing and closing transactions.
" As a boutiquebrokerage specialized in multifamily investments, the brokerage technology we have developed allows us to immediately distribute detailed information about an investment opportunity to buyers that we know would be interested in a particular type of asset. In both cases, based on the sellers’ time constraints, we were able to contact suitable buyers, evaluate offers, go to contract and close within those time constraints” says Smith
Contact:
Gerald A. Smith
Senior Investment Advisor
Smith Equities Real Estate Investment Advisors
350 East Pine St
Orlando, Fl 32801
Ph: (407) 422-0704 ext. 103
Cell: (407) 810-1628
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