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 Blue Cascade, a student housing property catering primarily to Florida A&M University students in Tallahassee, Florida. The Property sold for $8,100,000 and consists of 320 beds across 80 units.
“What makes this sale special is our team’s strong belief that it represents a win for not only the buyer and seller, but most importantly, the surrounding neighborhood, current and future Florida A&M students, and the Tallahassee community as a whole. Furthermore, upon completion of the buyer’s extensive plans, the property will offer best-in-class quality related to physical condition, management, security, and operations. All said, the broader market will greatly benefit from over 150 student housing beds being reintroduced to the market at affordable rents, alleviating some of the stress that Florida A&M students currently face when searching for high-quality affordable, safe, and close-to-campus housing” said Benjamin Skinner and Matthew Prozzillo with Marcus & Millichap.
Matthew Prozzillo and Benjamin Skinner, senior associates in Marcus & Millichap’s Orlando office, had the exclusive listing to market the property on behalf of the seller, The Rosdev Group. The Tampa based buyer, Whitestone Capital, was also procured and represented by Prozzillo and Skinner. “Blue Cascade was a perfect fit for the buyer, who had actively been searching for investments across Florida’s secondary markets, as yields continued to be compressed in major markets such as Tampa Bay. Along with being a sizeable and attractive entry point into the Tallahassee market, Blue Cascade provided the opportunity for the buyer to partner with a premier property manager, who has a dedicated local team and years of experience providing high-quality student housing to the Florida A&M student body” said Prozzillo and Skinner.
Blue Cascade is located at 400 Putman Drive. Built-in 2000, Blue Cascade is situated on a 5.97-acre lot and exclusively features four-bedroom/four-bathroom units and a full amenity package. The property is directly east of Monroe Street and less than one mile away from Florida A&M University’s campus. Additionally, it is within a ten-minute drive of downtown Tallahassee, Innovation Park, Florida State University, the College Town entertainment district, Governor’s Square Mall, and Tallahassee International Airport.
About Marcus & Millichap, Inc. (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.
