Dealmaker: Marcus & Millichap Closes Three-Property Multifamily Portfolio Sale

Marcus & Millichap, Calabasas, Calif., sold a three-property, 123-unit apartment portfolio in Valdosta, Ga. for $15.4 million.

The properties included SQ Baytree, 310 Baytree Road, SQ Sustella, 1412 Sustella Avenue, and SQ W. Mary, 407 A West Mary Street.

Marcus & Millichap First Vice President of Investments John Brigel marketed the property for the sellers, two Valdosta families and Student Quarters, Atlanta. Brigel also secured the limited liability company buyer. John Leonard, Marcus & Millichap’s Broker of Record in Georgia, assisted in the transaction.

David Bradley, Regional Manager of the firm’s Tampa office, and John Leonard, Marcus & Millichap’s Broker of Record in Georgia, assisted in the transaction.

Brigel noted the buyer sought to enhance its footprint in the “open for business” southern states.

Each property lies within two minutes of the Valdosta State University campus and delivered in phases between 1996 and 2013. The two-story, 64-bed SQ Baytree is within 300 yards of Langdale Hall, the largest residence hall on campus, and 126-bed SQ Sustella is across the street from Valdosta State’s Student Recreation Center. The three-story, 98-bed SQ W. Mary abuts the VSU Football Practice Field.