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| Hayden Villas, an 11-unit apartment property located in Tallahassee, FL |
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| Michael C. Steiner |
TALLAHASSEE, FL – Marcus
& Millichap (NYSE: MMI), a leading commercial real estate
investment services firm with offices throughout the United States and Canada,
has announced the sale of Hayden Villas, an 11-unit apartment property
located in Tallahassee, FL, according to Chris Travis, regional manager of
the firm’s Tampa office. The asset sold for $825,000.
Michael C. Steiner, Casey Babb, CCIM, Luis Baez, CCIM and Shawn
Rupp, investment specialists in Marcus & Millichap’s Tampa office, had
the exclusive listing to market the property on behalf of the seller, a private
investor.
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| Casey Babb |
The buyer, a private investor, was sourced out of
California by the same brokers.
"By utilizing the Marcus and Millichap platform and a
targeted email campaign, our team was able to procure a first-time multifamily
buyer out of California and closed the deal at 97% of list price," said Steiner.
"We
were able to overcome multiple hurdles, including the Coronavirus Pandemic, in
order to get this deal across the finish line at a T-12 CAP rate of 6%,"
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| Luis Baez |
Hayden Villas is located at 414 Hayden Road in Tallahassee, Fla. and is just 0.5 miles south of the Florida State University
Campus and less than two miles to the State Capitol Building.
Hayden Villas offers a true pedestrian-to-campus location and is located within walking distance (three blocks) of Florida State University, offering convenient access to the Campus' academic buildings, facilities and Doak Campbell Stadium.
Florida A&M University is less than one mile from the property and is home
to 10,000 students.
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| Shawn Rupp, |
Florida State University has a current enrollment of nearly 42,000 students and
has continued to experience record-setting growth.
CONTACT:
Chris Travis
Regional Manager
Tampa, FL
(813) 387-4700
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