Monday, April 20, 2020

Marcus & Millichap Brokers $825 Sale of 11-Unit Apartment Building in Tallahassee, FL


 

Hayden Villas, an 11-unit apartment property located in Tallahassee, FL

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.

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%,"

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.

 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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