February 25, 2020
Marcus & Millichap has arranged the sale of two multifamily properties in Bainbridge, GA. Both properties sold for a total of $5 million.
Michael Steiner, Casey Babb, Luis Baez and Shawn Rupp, of Marcus & Millichap’s Tampa office, represented both sellers in the separate transactions. The single buyer, a private investor, was also represented by Steiner, Babb, Baez and Rupp.
The assets include River City, a 40-unit apartment property built in 2016, and College Plaza, a 34-unit apartment property built in 2006. The properties are adjacent to each other.
“College Plaza and River City are two neighboring multifamily properties located just steps from Abraham Baldwin Agricultural College and two miles from Downtown in Bainbridge, said Steiner.
“Through our marketing campaign for both deals, we were able to identify a single buyer for both properties. 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.”
For comments, questions or concerns, please contact David Cohen