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| Joshua Teplitzky |
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 Continental Park Apartments,
a 24-unit multifamily community located in Tallahassee, Florida, according to
Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset
sold for $1,500,000.
Joshua Teplitzky, senior associate, Francesco P.
Carriera and Michael P. Regan,
both first vice president investments, all in Marcus & Millichap’s Tampa
office, had the exclusive listing to market the property on behalf of the
seller, a private investor. The buyer, a
private investor, was also secured and represented by the three brokers.
“This transaction
demonstrated our ability to drive offers from buyers in multiple geographic
regions throughout the country including Arizona, central Florida and New
York,” says Teplitzky. “The buyer ultimately came from New York and was able to
lock in financing through Freddie Mac for a seven year fixed rate loan.”
Continental Park
Apartments is a 24-unit multifamily community located at 2393 Continental
Avenue in Tallahassee, Florida. The property consists of all
two-bedroom/two-bathroom floor plans with washer and dryer appliances, and the
buildings sit on an approximate 1.25 acre parcel of land.
 |
| Francesco P. Carriera |
Tallahassee is Florida’s
State Capital as well as one of Florida's most prominent college cities. As a
result, the city functions as Florida’s center for both government and
education.
The property is within two
miles of Florida State University and Tallahassee Community College, and is
located within close proximity of downtown Tallahassee. Tallahassee was voted
the “Most Livable City in America” by the United States Conference of Mayors.
“This asset was highly
desirable due to its late 1980’s construction and having an average unit size
of 1,000 rentable square feet,” concluded Teplitzky.
For a complete copy of the company’s news release,
please contact:
Richard D. Matricaria
First Vice President /
Regional Manager
Tampa, FL
(813) 387-4700
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