Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of Le Marais Apartments, a 24-unit apartment property located in Tallahassee, Fla., according to Justin W. West, regional manager of the firm’s Orlando office. The asset sold for $1,400,000.
David Vaughan, Ray Turchi and Rob Wright, investment specialists in Marcus & Millichap’s Orlando office, had the exclusive listing to market the property on behalf of the seller, a private investor.
“This asset is an attractive investment for the buyer not only because of the central location within the strong rental market of Tallahassee, but also of the potential to make interior & exterior improvements to the property and increase rents as a result. This was an out of state buyer who purchased in Florida due to the numerous metrics supporting multifamily investment, including positive net migration, job growth, and income growth, among others—we are pleased with how smoothly this deal transacted for all parties” says Wright.
Le Marais Apartments is located at 1824 W Tharpe St in Tallahassee, FL. The Le Marais portfolio is comprised of 24 one-bedroom & one-bathroom units in a 36-unit community located in central Tallahassee, just 2 miles from the Florida State University campus and 3.5 miles from the State Capitol on Monroe St.