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 River City, a 40-unit apartment property and College Plaza, a 34-unit apartment property. Both neighboring properties are located in Bainbridge, GA, according to Chris Travis, regional manager of the firm’s Tampa office. Both assets sold for a total of $5,075,000.
Michael C. Steiner, Casey Babb, CCIM, Luis Baez, CCIM and Shawn Rupp, investment specialists in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of both sellers. The single buyer, a private investor, was also secured and represented by Michael C. Steiner, Casey Babb, CCIM, Luis Baez, CCIM and Shawn Rupp. Broker, John Leonard, assisted in closing this transaction.
“College Plaza and River City are two neighboring multifamily properties located just steps from Abraham Baldwin Agricultural College and 2 miles from Downtown in Bainbridge, GA. Through our complex marketing campaign for both deals, we were able to identify a single buyer for both properties who was in a 1031 exchange.
The deal, totaling 74 units, was able to provide the buyer with scale in a rural, tertiary market where each of the deals individually would not have been as attractive to an investor. We were ultimately able to overcome a number of hurdles that came-up while under contract (including finding a new lender) and closed both deals at full contract price,” said Mr. Steiner.
Built in 2016, River City Apartments has been well maintained by the original developer/owner. This boutique multi-family community consists of five, two-story wood-frame buildings with exterior Hardi Board with stone veneer accents and pitched shingle roofs on a quiet four-acre site accessed by a side street with cul de sac and a well-lit, asphalt driveway. Units are all single story flat style with a desirable mix of 20, two-bed/two-bath units at 960 square feet and 20 three-bed/two-bath units at 1,240 square feet all of which feature semi-private entrances, semi-private back porches, tile (foyer, bath, kitchen, and utility) and carpet flooring (all living areas), nine-foot-high ceilings, solid wood cabinets and granite countertops throughout. River City is located at 1906 Caroline Street in Bainbridge, GA.
Built in 2006, College Plaza has been well maintained by the original developer/owner.
This boutique multi-family community consists of ten one-story wood-frame buildings with exterior brick and Hardi Board siding and pitched shingle roofs on a quiet four-acre site accessed by a side street with cul de sac and a well-lit, asphalt driveway.
Units are all single-story townhome-style with a desirable mix of eight two-bed and two-bath units at 900 square feet and twenty-six two-bed and one-bath units at 750 square feet all of which feature semi-private entries, semi-private back porches, oak hardwood flooring in main living areas (except kitchens and bathrooms), and solid wood cabinetry. College Plaza is located at 1903 Caroline Street in Bainbridge, GA.