100 Percent Occupied Tallahassee Multifamily Property Trades For $6.8 Million
Transwestern Represents Seller in Disposition of 134-Unit Spanish Oaks
TALLAHASSEE, Fla., April 17, 2015 /PRNewswire/ -- Transwestern's Southeast Investment Services Group today announces it brokered the disposition of Spanish Oaks apartments for $6.8 million, or $50,746 per unit. The 134-unit, garden-style community is located at 1327 High Road in Tallahassee, Florida, and totals 144,760 square feet. Transwestern Managing Directors Mike McGaughy, Jon Kleinberg and John Bell represented the seller, Mississippi-based Dawn Properties Inc. The property was acquired by San Francisco-based Fowler Property Acquisitions.
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"Spanish Oaks has consistently outperformed the competitors over the past two years – at closing, the property was 100 percent occupied with a waiting list," said McGaughy. "This is a strategic investment that provides strong existing cash flow and potential upside through utility cost savings and by increasing rents to market rates."
Spanish Oaks is located within minutes of Florida State University, Florida A&M University, Tallahassee Community College, the Florida State Capitol, Tallahassee Mall and Towne South Shopping Center. Offering outstanding convenience for college students, the property is a stop on Florida State's free Seminole Express FAST Garnet bus route.
Built in 1975, Spanish Oaks underwent extensive renovations in 2014 that included remodeling the clubhouse; repaving and restriping the parking lot; and replacing the shingle roofs, gutters, siding and paint. Offering a floorplan mix of one, two and three bedrooms with a spacious average unit size of 1,080 square feet, the community features a pool, clubhouse, fitness center and lighted tennis court.
ABOUT TRANSWESTERN'S SOUTHEAST INVESTMENT SERVICES GROUP
Transwestern's Southeast Investment Services Group (Southeast ISG) combines capital markets and investment sales expertise, local market knowledge and proven transaction execution to provide strategic disposition services for multifamily, office, retail, industrial and land assets located in Alabama, Georgia, Florida, Mississippi, North Carolina, South Carolina and Tennessee. Based in Atlanta with offices in Miami, Fort Lauderdale and Orlando, Transwestern's Southeast ISG has established a successful track record for maximizing value and creating lasting relationships with clients that range from local entrepreneurs to the largest corporations in the country.
ABOUT TRANSWESTERN
Transwestern is a privately held real estate firm specializing in agency leasing, property and facilities management, tenant advisory, capital markets, research and sustainability. The fully integrated global enterprise leverages competencies in office, industrial, retail, multifamily and healthcare properties to add value for investors, owners and occupiers of real estate. As a member of the Transwestern family of companies, the firm capitalizes on market insights and operational expertise of independent affiliates specializing in development, real estate investment management and research. Transwestern has 34 U.S. offices and assists clients through more than 180 offices in 37 countries as part of a strategic alliance with Paris-based BNP Paribas Real Estate. For more information, please visit transwestern.com and follow us on Twitter: @Transwestern.
Media Contact:
Jaime Luckey
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SOURCE Transwestern
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