Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of The Cottages at Magnolia and The Gardens, a 54-unit apartment portfolio located in
Benjamin Skinner and Matthew 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 out of the Northeast. The buyer, a private investor out of the South Florida market, was also secured and represented by Skinner and Prozzillo.
The Cottages at Magnolia is located at 2205 Magnolia Circle in Tallahassee, FL, within minutes of downtown Tallahassee. Built in 2001, the property consists of all 1,596-square-foot, four-bedroom/four-bathroom units. The Towers houses 11 units, a total of 17,556-square-feet; The Cottages houses 27 units, a total of 43,092-square-feet; and The Gardens houses 16 units, a total of 25,536-square-feet. In the summer of 2020, the property was converted from student housing assets to conventional market-rate assets, taking advantage of Tallahassee’s population growth trends.
It is conveniently located within minutes of Florida A&M University, Florida State University, Tallahassee International Airport, the SOMO District, Donald J. Tucker Civic Center, Governors Square Mall and the $150-million Cascades redevelopment.
About Marcus & Millichap (NYSE: MMI)
With over 2,000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 8,954 transactions in 2020 with a value of approximately $43 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com
