The Real Deal Miami

New Yorkers buy Tallahassee rentals for $58K each

Marcus & Millichap said the new owners paid $5.65 million for the 96-unit Pines Apartment Homes
December 17, 2016 04:00PM

Pines Apartment Homes at 3801 Mission Trace Boulevard in Tallahassee

Commercial brokerage Marcus & Millichap announced the sale of a Tallahassee apartment complex for $58,854 per unit.

The 96-unit Pines Apartment Homes at 3801 Mission Trace Boulevard in northwest Tallahassee sold for $5.65 million.

“Through a targeted national marketing campaign, 12 offers were procured from buyers spanning all regions of the country,” Michael Donaldson, vice president investments in the Tampa office of Marcus & Millichap, said in a prepared statement. “The ultimate buyer was a New York-based investment group represented by the Luchs Team in our Encino, California, office.”

Donaldson had the exclusive listing to market the property on behalf of the seller together with another vice president investments in Marcus & Millichap’s Tampa office, Nicholas Meoli, and Megan D. Johnson, an associate in the firm’s Jacksonville office.

Built in 1989 on approximately 4.9 acres, Pines Apartment Homes is comprised of 13 buildings. The property has undergone multiple capital improvements since 2012 including all new roofs, siding replacement, new gutters, drains, signage, exterior lighting and landscaping.

The floor plans include 40 two-bedroom/two-bathroom units with 1,110 of rentable square feet and 56 three-bedroom, two-bathroom units with 1,150 of rentable square feet.

Pines Apartment Homes is located within a short commute to downtown Tallahassee, Tallahassee Community College and a newly renovated mall, The Centre of Tallahassee.