Smith Equities Closes Two Tallahassee, FL Multifamily Properties

ORLANDO, FL (Aug. 28, 2012) – Smith Equities Real Estate Investment Advisors is

pleased to announce the recent sale of two multifamily properties located in Tallahassee, Fl.

The Sweet Bay Club Apartments (top left photo) is a 41 unit (164 bed student property) located on Old Bainbridge Road that sold for $3,150,000 or $19,200 per bed.

Sweet Bay was built in 2003 and was comprised of all 4 bedroom 4 Bath units averaging 1596 SF per unit.

The seller was Mica Creek-Sagamore MF Venture V: Osceola, LLC. The buyer, Varden Capital Properties, LLC is planning to reposition the property toward a more student friendly environment.

Gerald A. Smith, (middle right photo) Senior Investment Advisor for Smith Equities Real Estate Advisors brokered the deal.

The 180 unit Monterey Apartments (lower left photo) sold for $3,750,000 or $20,833 per unit. Built in 1974, the average size was 989 SF per unit. The seller, Monterey Associates LTD, a Wisconsin limited partnership had owned the property since it was built. The buyer, Cabat Properties LLC is planning a major renovation and repositioning of the property.

 Smith brokered both deals.

“The Tallahassee multifamily market remains very strong in both occupancy and rents. The combination of a strong student population along with the government infrastructure in Tallahassee provides the demographics for a high level of investor demand for this market” said Smith.

“Having the technology to assess the market conditions and provide timely market data

to potential buyers is the key to successfully marketing and closing transactions.

" As a boutiquebrokerage specialized in multifamily investments, the brokerage technology we have developed allows us to immediately distribute detailed information about an investment opportunity to buyers that we know would be interested in a particular type of asset. In both cases, based on the sellers’ time constraints, we were able to contact suitable buyers, evaluate offers, go to contract and close within those time constraints” says Smith

Contact:

Gerald A. Smith

Senior Investment Advisor

Smith Equities Real Estate Investment Advisors

350 East Pine St

Orlando, Fl 32801

Website: www.smitheq.com

Email: gsmith@smitheq.com

Ph: (407) 422-0704 ext. 103

Cell: (407) 810-1628

$19 Million Lender-Owned Independent Living Complex Sold in Jacksonville, FL by Marcus & Millichap

 JACKSONVILLE, FL– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has brokered the sale of Brighton Bay (top left photo), a lender-owned, 185-unit independent living community located in southeastern Jacksonville.

The sales price of $19 million represents $102,703 per unit and $85 per square foot.

 Michael Pardoll (middle right photo), a senior vice president investments in Marcus & Millichap’s Charlotte, N.C. office, represented the seller, a subsidiary of Wells Fargo & Co.

The buyer is The Carlyle Group, a Washington, D.C.-based asset management company. Kirk Felici (lower left photo), a vice president and regional manager of the firm’s Miami office, is Marcus & Millichap’s Florida broker of record.

 “Occupancy at independent living facilities will continue to strengthen as spillover demand filters in from age-restricted and market-rate communities,” says Pardoll. “Brighton Bay is well positioned to take advantage of this trend and also to change with the times as the property was built to code for conversion to assisted living.”

The property is located at 10061 Sweetwater Parkway, less than one mile from Florida State Road 9A, next door to a 1,000-resident retirement community and 15 minutes from downtown Jacksonville.

 The 222,444-square foot Brighton Bay was constructed in 2010 on 8.2 acres. The community offers studio and one-bedroom and two-bedroom residential suites on four floors. All suites include a full kitchen, large living room and one or more bathrooms.

Contact:

Stacey Corso

Public Relations Manager

(925) 953-1716