Central Georgia Multifamily Asset Sale Closed for $42 Million
WARNER ROBINS, Ga., April 2, 2019 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of Sandpiper Apartments, a 34-building, 530-unit multifamily asset in Warner Robins, Georgia. The $42 million sales price equates to $79,245 per unit.
“Located within one of Georgia’s fastest-growing communities, Sandpiper Apartments was approximately 97 percent occupied at the time of the sale,” said Kurt McGarry, senior associate in Marcus & Millichap’s Atlanta office. McGarry and Brad Barham, senior associate, represented the seller. Dana Newton, first vice president investments and Mike Maxwell, associate, both in the firm’s Philadelphia office, represented the buyer. Michael J. Fasano, first vice president and regional manager of Marcus & Millichap’s Atlanta office, is the firm’s broker of record in Georgia.
“Our nationwide platform and unique collaborative culture streamline our ability to move capital throughout the country and gives our clients a competitive advantage,” added Newton.
The property is located 75 miles south of Atlanta on Leisure Lake Drive in Warner Robins near Robins Air Force Base, the largest industrial complex in Georgia. Easily accessible from Interstate 75, the community is flanked by two regional airports. Major area employers include Purdue Farms, Frito-Lay, Northrop Grumman, Graphic Packaging International, Houston Healthcare and Cascade Corp. Four shopping centers, Watson Central, City Crossing, Warner Robins Place, and Houston County Galleria are within a four-mile radius of the property.
Sandpiper Apartments was built in 1986 on 35.4 acres adjacent to Wilkinson Lake, a reservoir stocked with trout. The unit mix consists of 384 one-bedroom units averaging 800 square feet and 146 two-bedroom apartments that average 1,100 square feet. Community amenities include a mini-movie theater, a resort-style lagoon pool, a 24-hour fitness center, and dog park.
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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.