Orlano, Fla. — Buyers plan to reposition one of the properties as student housing.
Monterey Apartments have been owned by a Wisconsin limited partnership since they were built in 1974.Orlando, Fla. — Smith Equities Real Estate Investment Advisors has brokered the sale of two multi-family properties in Tallahassee, Fla.
The Sweet Bay Club Apartments sold for $3.2 million. The seller was Mica Creek-Sagamore MF Venture V: Osceola, LLC. The buyer was Varden Capital Properties, which is planning to reposition the property as student housing. Sweet Bay was built in 2003 and is a 41-unit property, comprised of all four-bedroom, four-bath layouts.
The 180-unit Monterey Apartments sold for $3.8 million, or $20,833 per unit. Built in 1974, the average size was 989 square feet unit. The seller, Monterey Associates LTD, a Wisconsin limited partnership, had owned the property since it was built. The buyer, Cabat Properties LLC, is planning a major renovation and repositioning of the property.
Gerald Smith, senior investment advisor for Smith Equities Real Estate Advisors, brokered both deals.
“The Tallahassee multifamily market remains very strong in both occupancy and rents,” Smith says. “The combination of a strong student population along with the government infrastructure in Tallahassee provides the demographics for a high level of investor demand for this market.”