Marcus & Millichap, 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, Florida, 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. The buyer, a private investor, was sourced out of California by Michael C. Steiner, Casey Babb, CCIM, Luis Baez, CCIM and Shawn Rupp.
“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 percent of list price. 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 percent,” said Mike Steiner.
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.
Florida State University has a current enrollment of nearly 42,000 students and has continued to experience record-setting growth. FSU anticipates 6,500 incoming freshmen for the 2018/2019 year, an increase of more than 300 from last year, making it one of the largest incoming freshman classes in University history.