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| Joshua Teplitzky |
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.”
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| Francesco P. Carriera |
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.
For a complete copy of the company’s news release,
please contact:
Ari Ravi
Regional Manager
Tampa, FL
(813) 387-4700
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