Franklin Street’s North Florida office has brokered the sale of its first multifamily listing in the Tallahassee market. The company brokered the sale of the Glen Hollow Apartments in the Providence area of Leon County. The deal closed March 9th.
The seller is Providence Management Company, LLC and the company has owned the property since 2004. The buyer is Nitro Capital, LLC. Franklin Street listed the property and the deal closed Friday at a total sales price of $1.1 million.
Glen Hollow, located at 1554 Lake Avenue, comprises 48 one-bedroom units with a total of 21,600 square feet. Glen Hollow, built in 1974, is a one-building, three-story apartment property on .84 acres in the Providence area. The residences are less than a mile from Florida A&M University and Florida State University and are within a half-mile of Tallahassee’s Innovation Park, a high-tech and university-affiliated commercial center that employs nearly 2,000 workers.
“The market for these smaller apartment communities is strong,” said Jim Reed, director of investment sales at Franklin Street, who brokered the deal on behalf of the seller. “Glen Hollow is an excellent example of housing that is in need and serves the growing workforce in Leon County.”
Glen Hollow will continue to be operated as for-lease apartment homes.
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