Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of Glen Hollow, a 48-unit apartment property located in Tallahassee, Florida, according to Justin W. West, regional manager of the firm’s Orlando office. The asset sold for $1,530,000.
Benjamin Skinner and Matthew W. Prozzillo, investment specialists in Marcus & Millichap’s Orlando office, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, a private investor, was secured and represented by Benjamin Skinner and Matthew W. Prozzillo,
“Glen Hollow represents an opportunity for the buyer, a seasoned value add player, to reposition the asset through a strategic renovation and operation plan.,” says Matthew W. Prozzillo. “The buyer was attracted to this asset due to the deep value-add potential through both interior/exterior renovations and leasing.”
“The closing of this deal further confirms that investor sentiment in the Tallahassee market remains strong, largely due to its continual job and population growth, and stable workforce. As was the case with the buyer of Glen Hollow being based out of Connecticut, we have been seeing an increased desire from out of state and international investors wanting to place capital in the Tallahassee market.” says Benjamin N. Skinner
Glen Hollow, located at 1554 Lake Ave in Tallahassee, Fla., is a 48-unit multifamily asset built in 1974 and consists of 48 one-bedroom/one-bathroom units with 21,556 rentable square feet. The asset is ideally located roughly seven-minutes to the southwest of Downtown Tallahassee (Florida State Capital), immediately west of Florida A&M University (1,300+ employees), and directly south of Florida State University (5,800+ employees). Also located directly north of the property, is the City of Tallahassee’s FAMU Way streetscape and infrastructure project. Upon completion, FAMU Way will connect Glen Hollow directly to Downtown Tallahassee, the State Capital, and the multi-hundred-million-dollar Cascades Development, a mixed-use master planned development that will see phase I deliver in late 2020.