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RPH Multifamily Group Sells the Edge at 401 in Tallahassee for $3,395,000

TALLAHASSEE, FL, December 15, 2020 – 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 The Edge at 401, a 47-unit apartment property located in Tallahassee, FL, according to David Bradley, regional manager of the firm’s Tampa office. The asset sold for $3,395,000

Ned Roberts, Adam Podbelski and Jason Hague, investment specialists in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, a limited liability company, was secured and represented by Ned Roberts, Adam Podbelski and Jason Hague.

“The 100% one-bedroom, one-bathroom nature of this asset made it a stand-out acquisition opportunity amidst the many challenges COVID-19 presented to the student-housing market,” said Roberts. “Because of that and the creative ways we solved for buyer concerns this became one of only two pre-2000-built student housing trades in Tallassee since the onslaught of the pandemic,” adds Roberts

The Edge at 401 is located at 401 West Park Avenue in Tallahassee, FL. The 47-bed/unit asset serves a student tenant base at Florida State University with 42,000 students and is a short walking distance to downtown Tallahassee and the Florida State Capitol. The property is constructed of concrete block and in 2018 received a more than $500,000 comprehensive exterior and interior renovation.

Are you interested in selling or buying Florida multifamily housing?

At RPH Multifamily Group we strictly specialize in Florida multifamily sales, so that you can make the most successful, informed, and stress-free multifamily investment decisions. Learn more about the RPH Multifamily Group’s Florida Multifamily Sales Advisory And Brokerage Services.

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