Two South Georgia Properties Bring $37.5 Million

The Residences at Five Points, Valdosta, GA

VALDOSTA, GA – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of The Residences at Five Points, a multifamily complex, and College Station, a student housing community, both in Valdosta, Ga. The Residences at Five Points sold for $27,000,000, which equates to $102,273 per unit. College Station brought $10,500,000, or $102,941 per unit.

College Station Student Housing Community
Valdosta, GA

            John E. “Jay” Brigel, a senior investment specialist in Marcus & Millichap’s Tampa office, represented the sellers and buyers in both transactions. The Residence at Five Points’ seller is a South Georgia private investment group. The purchaser is based in South Florida. A Texas-based company acquired College Station from a local owner.

John E. Brigel

            “The two properties received a great deal of interest from the investment community and the sales set a high standard for per door pricing in South Georgia, particularly College Station, where 80 percent of the units are two-bedroom/two-bath,” says Brigel.

 “The new owners, both of whom happen to be first-time investors in the state of Georgia, are well positioned for revenue growth in this strong multifamily and student housing submarket.”

The Residences at Five Points is a gated 264-unit apartment development located on approximately 15 acres at 100 Garden Drive in Valdosta. The property is conveniently located near South Georgia Medical Center, Valdosta State University and Moody Air Force Base.

Valdosta State University campus
Valdosta, GA

In August 2012, The Residences at Five Points was 95 percent occupied and full occupancy is expected by August 2013. The tenant mix is approximately 60 percent student, 22 percent professional and 18 percent military.

            College Station is located at 1400 Baytree Dr. in Valdosta, just a block from Valdosta State University, and is 100 percent occupied. The property is situated on seven acres, comprises 102 units and was built between 2005 and 2011.

 The 222-bed asset includes 64 two-bedroom/two-bath units of 897 square feet, 20 two-bedroom/two-bath units of 1,000 square feet and 18 three-bedroom/three-bath units of 1,195 square feet.

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

Ben Johnson,

Marketing Director

(925) 953-1736