Marcus & Millichap Arranges $9.5 Million Sale of Villa San Michele, a 272-Unit Apartment Building in Tallahassee, FL

Villa San Michele, 1694 Baldwin Park Drive, Tallahassee, FL

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 Villa San Michele, a 272-unit apartment property located in Tallahassee, Florida, according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $9,515,000.

John E. Brigel, an investment specialist in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a financial institution. The buyer, a partnership, was secured and represented by Brigel.

John E. Brigel

      “The seller, after an unsuccessful attempt to sell the property a year ago, engaged Marcus & Millichap to get it sold. We told a compelling story creating a market for the asset that attracted qualified and motivated buyers nationwide willing to acquire the property at our client’s price.

”The marketing efforts developed strong, high-quality offers thus teeing up buyers for similar properties,” says Mr. Brigel.

            Constructed in 2008 the subject property is 99 percent leased as of September 6, 2017, with 91.5 percent of the leases having a guarantor. The community is a gated student housing townhome community and serves Florida's largest tier-one student housing market.

Villa San Michele is located at 1694 Baldwin Park Drive in Tallahassee, Florida.  

For more information on this transaction, please contact:

Rachel.JeanPierre@marcusmillichap.com or

Ari Ravi

Regional Manager, Tampa

(813) 387-4700