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RPH Multifamily Group of Marcus & Millichap Brokers $10.1 Million Sale of 96-unit Complex in Tallahassee

April 25, 2022

TALLAHASSEE, Fla., April 25, 2022 – 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 Pines Apartments, a 96-unit multifamily property in Tallahassee, Florida. According to David G. Bradley, regional manager of the firm’s Tampa office, the asset sold for $10,150,000.

“Our latest sale in the Tallahassee market was conditioned on a loan assumption, which significantly limited the buyer pool,” said Ned Roberts, CCIM. “Nonetheless, RPH Multifamily Group & Marcus & Millichap’s deep experience and wide reach enabled us to generate a half-dozen solid offers and close within 96.67% of our target price,” added Roberts.

Adam Podbelski, Ned Roberts and Jason Hague, of the RPH Multifamily Group in Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, Stonewell TLH 3, LLC. The buyer, CS FL Pines, LLC, was also procured by Podbelski, Roberts and Hague.

The Pines Apartments is located at 3801 Mission Trace Boulevard in Tallahassee, Florida. The two-story, twelve building property is situated on 4.9 acres with 105,056-square-feet of rentable space. Community amenities include an outdoor pool, laundry facilities, business center, walking/biking trails, picnic area.

Completed in 1989, the Pines Apartment homes feature two- and three-bedroom floorplans with vaulted ceilings in second-floor units. Interior renovations include new wood-look vinyl plank flooring, appliances, countertops, vanities, plumbing, roofing and lighting.

 

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About Marcus & Millichap (NYSE: MMI)

Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2021, the company had 1,994 investment sales and financing professionals in 82 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 13,255 transactions in 2021, with a sales volume of approximately $84.4 billion. For additional information, please visit www.MarcusMillichap.com.

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