Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of Sabal Court Apartments, located in Tallahassee.
Completed in 1967, this Property is made up of 30 two-story residential buildings, housing a mix of one-, two-, and three-bedroom floorplans that range from 800 to 1,250 square feet. At the time of the sale, the Property was 81 percent occupied, with ten of the vacant units in “shell” condition. Common-area amenities include a swimming pool, laundry facility, dog walk, playground, and an on-site leasing office.
“The buyers were attracted to Sabal Court, due to the Property’s need for renovations, which would allow them to implement a true physical, and operational, value-add business plan. The combination of both physical and operational upside has proven difficult for many investors to find over last few years, especially in high-growth markets like Tallahassee, and Florida as a whole,” said Matthew Prozzillo and Benjamin Skinner. “This was the buyers’ second Tallahassee investment, they recognized the value in the Property’s location, situated near Innovation Park, Florida State University and Tallahassee International Airport. All of which are actively undergoing development as part of innovation and connectivity initiatives aimed at diversifying and expanding the local economy.”
Benjamin Skinner and Matthew Prozzillo, senior associates in Marcus & Millichap’s Orlando office, had the exclusive listing to market the property on behalf of the seller, a private investment fund. The buyer, a privately held investment and development company, was also secured and represented by Skinner and Prozzillo.
Sabal Court is located at 2125 Jackson Bluff Rd within ten minutes of Tallahassee’s major retail, entertainment, education and transportation destinations including: Ocala Corners Shopping Mall and Publix Supermarket, Florida State University and Doak Campbell Stadium, Florida A&M University, Tallahassee Community College, Tennessee Street, the Railroad Square Art District, Downtown Tallahassee, and Tallahassee International Airport.