TALLAHASSEE, FL-33 Home Stretch Lane, a multifamily complex in Crawfordville, has traded for $2.38 million. The sales price equals $24,792 per unit and $25.20 per square foot. The multifamily asset was a foreclosed property.

Franklin Street managing directors Darron Kattan and Bob Goldfinger, along with director Kevin Kelleher, represented the seller. Steve Sussman of Marcus and Millichap represented the buyer.

“It would probably cost $100,000 a unit or so to build this today, so paying about 25% of that is very attractive,” Kattan tells GlobeSt.com. “The property is about 30 minutes outside of Tallahassee--a market that has plenty of vacant apartments of its own--but for a blue collar tenant base that wants to live in a quieter area, this property is an attractive option.”

The multifamily asset offers 13 buildings, one of which is the office/clubhouse. Considered new construction, the two-story concrete block and vinyl buildings offer one- two- and three-bedroom floor plans. Common amenities include a pool with lounging deck, a business center, a workout facility, boat and trailer parking and a modern one-story clubhouse.

“It will take proactive marketing by management to get people to the property,” Kattan says. “It competes with rental homes, but for a tenant willing to pay a little more, they can live in a significantly nicer place than many of the rental homes in the area. The buyer should lower rents to get the property stable--it is about 35% vacant today--and then work on increasing rents over time.”