Florida & Gulf Coast + North Florida + Apartments | April 5, 2021

Tallahassee Apartments Property Trades for $16M

Marcus & Millichap has arranged the $15.7 million sale of Seminole Trails, a 256-unit apartment property in Tallahassee.

Located at 205 White Dr., the property is three miles east of downtown Tallahassee. The community was built in both 1972 and 2005 and includes a unit mix of 94% one- and two-bedroom units. Up until the sale, the community has been institutionally owned and operated with nearly $2 Million in capital improvements completed since 2016.

Benjamin Skinner and Matthew Prozzillo of Marcus & Millichap’s Orlando office represented the seller, a non-traded real estate investment trust, in the transaction. The buyer was a New York-based private equity firm.

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About David Cohen

David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles. He is responsible for covering commercial real estate news and trends in the Southeast, Florida, Washington D.C. and Boston at Connect CRE as well as specializing in the Student Housing sector. Prior to joining Connect, David was the editor of Northeast Real Estate Business magazine and Student Housing Business magazine at France Media as well as spending time freelancing for ESPN and the Associated Press in the fast-paced field of live sports event production. He is also an owner and investor in multifamily real estate in Atlanta, GA. David currently resides in Atlanta and graduated from the College of Communication & Information at the University of Tennessee Knoxville.