Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of Villa San Michele, a 118,508-square-foot, 82-unit student housing property located in Tallahassee, Florida, which caters to students from Florida State University. The apartment property sold for $10,031,000.
Ben Skinner and Matt Prozzillo, Senior Investment Associates in Marcus & Millichap’s Orlando office, had the exclusive listing to market the property on behalf of the seller, a privately held investment fund based in Colorado that specializes in conventional multifamily housing across the United States. The buyer, a Florida-based real estate investment fund, was also procured by Skinner and Prozzillo.
“Villa San Michele was an exciting and complex deal for all parties involved, as it involved a student housing asset, more than 10 acres of adjacent land, and a loan assumption. Given the buyers have a strong belief in the future of Tallahassee, this acquisition allows them the opportunity to reposition the asset into a high-quality housing option that will cater to the growing workforce and population in Tallahassee,” said Prozzillo.
“Having spent the last handful of years advising the sellers as they maneuvered the Tallahassee, Florida student housing markets, we are pleased to announce the closing of this transaction, which presented both the buyer and seller with strong opportunities relative to their goals. For the seller, they were able to exit a market they weren’t heavily focused on, allowing them to utilize the capital on future deals that fit their expertise. For the buyer, Villa San Michele marks their second acquisition over the past twelve months in the Tallahassee market, further providing scale, efficiencies, and synergies within their portfolio.” said Skinner.
Villa San Michele is located at 1600 Baldwin Park Drive in Tallahassee, Florida, within minutes of the University Village Shopping Center. Built in 2008, the property exclusively offers three- and four-bedroom floor plans with individual leases. Featured amenities include a 24-Hour fitness center, study room, dog park, and furniture packages including a full-sized bed, couch, TV stand, energy-efficient appliances, washer/dryer, and more. Currently the property operates as student housing, primarily catering to Florida State University, Florida A&M University, and Tallahassee Community College students.