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| Michael Donaldson |
TALLAHASSEE,
FL, June 9, 2015 – 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 Club
at Lake Jackson, a 120-unit apartment property located in Tallahassee, FL,
according to Richard D. Matricaria, regional manager of the firm’s Tampa
office.
The asset sold for $6,375,000.
Michael Donaldson, Vice President Investments, and Nicholas Meoli, Associate Vice
President Investments, in Marcus & Millichap’s Tampa office, had the
exclusive listing to market the property on behalf of the seller, a
bank/financial institution.
The buyer, a
limited liability company, was secured and represented by Nicholas Meoli and
Michael Donaldson.
Club at Lake
Jackson is located at 5001 Lake Front Drive in Tallahassee, FL.
The 120-unit, class “B”, garden-style
apartment community is located off of North Monroe Street (US-27) in a nature
preserve that is situated next to Lake Jackson, a six-mile prairie lake known
for its abundance of wildlife and scenic views.
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| Nicholas Meoli |
Residents are attracted to the
suburban, tranquil, natural surroundings while still being within short
commutes to Tallahassee’s major employment, entertainment and educational
destinations.
“The Club at
Lake Jackson attracted a tremendous amount of interest from the market due to
the community being an excellent repositioning opportunity as a result of the
recent foreclosure,” says Donaldson.
“With a unit mix of 80 percent two- and
three-bedroom floor plans just under a 1,000 square foot average and being
situated next to a 43 acre park, the property has the ability to obtain
substantially higher rents and occupancy level through additional renovations
to the property.”
“As a result
of our emphasis on this upside, our thirty day national marketing campaign
generated approximately 200 registered buyers from 31 states and five countries
which resulted in 21 offers on the property,” says Meoli. “We ultimately sold
the asset to a Sarasota based group that closed in less than 30 days.”
For a complete copy of the company’s
news release, please contact:
Contact:
Richard D. Matricaria
Vice
President/Regional Manager
Tampa, FL
(813)
387-4700
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