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Marcus & Millichap Real Estate Investment Services, a real estate investment services firm, has announced the sale of Spanish Oaks Apartments, a 134-unit apartment property located in Tallahassee, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The $5,200,000 sales price equates to $38,806 per unit.

Francesco "Frank" Carriera and Michael Regan, vice presidents investments in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor based in Colorado. The listing agents also procured the buyer of the property, a limited liability company based in Mississippi.

Spanish Oaks Apartments was built in 1975 and is located at 1327 High Road in Tallahassee. This 134-unit multifamily community is comprised of one-, two- and three-bedroom apartments. All units have central heat and air conditioning.  Amenities include an on-site laundry facility, tennis court, fitness center, clubhouse and a swimming pool.

James Vestal, associate in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the local seller, a private investor. Vestal also represented the Tampa-based buyer.

4201 North A Street Apartments was built in 1925 and is located at 4201 West North A Street in Tampa. The property consists of one two-story building. There are four, one-bedroom/one-bathroom units with 700 rentable square feet and 10, two-bedroom/one-bathroom units with 750 rentable square feet.  All units have wall unit air-conditioning and the property is situated on approximately .33 acres of land.

"This deal represented one of the dwindling supplies of distressed deals on the market," says Vestal. "We had several offers on it because of its great location, which drove a lot of value. The buyer plans a full rehab which will add to the continuing resurgence on North A Street," adds Vestal.

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Prior to joining Marcus & Millichap, Ari entered the commercial real estate industry with Prudential Commercial Real Estate Florida in 2008, focusing on sales and leasing for office and retail buildings in the Tampa Bay MSA. Ari will specialize in multifamily housing at Marcus & Millichap, focusing on seller representation of over 10 unit apartment communities located primarily in the Tampa Bay markets.

Ari earned his Bachelor of Science degree from the University of Florida, and Decision and Information Sciences from the Warrington College of Business and previously attended the Berkeley Preparatory School in Tampa.

He was named Florida Gulfcoast Association of Realtors (FGCAR) Rookie of the Year in 2009, and was a FGCAR Pinnacle award winner in 2009, 2010 and 2012.

"We are excited to have Ari come on board with our firm and welcome him to the team," says Matricaria. "He brings a vast amount of experience that our client base will surely benefit from."