By Jeff Hamann
Orange State Partners has acquired Glen Hollow, a 48-unit community in Tallahassee, Fla., for $1.1 million from a private investor based in Jacksonville, Fla. The previous owner bought the building in January of 2004 for $2.7 million, according to the Leon County assessor. Jim Reed of Franklin Street’s North Florida office represented the seller in the transaction.
Located at 1554 Lake Ave., the community is situated on 0.8 acres of land in Tallahassee’s Providence neighborhood, approximately half a mile from the city’s Innovation Park commercial area and less than two miles from both Florida State University and Florida A&M University. Built in 1974, the asset contains all one-bedroom apartments.
“The market for these smaller apartment communities is strong,” said Reed, director of investment sales at Franklin Street, in a prepared statement. “Glen Hollow is an excellent example of housing that is in need and serves the growing workforce in Leon County.”
Image via Google Street View