TALLAHASSEE, FL—Hidden Villas, a 96-unit multifamily asset in Tallahassee, FL, sold for $2.7 million. The apartment community is vintage 1972.

Michael P. Regan and Francesco P. Carriera, both vice president investments in Marcus & Millichap's Tampa office, represented the VA-based seller, a financial institution. M&M also repped the buyer, a private investor from Missipppi.

“We were able to generate 12 offers from buyers in nine cities representing five different states and one European country,” says Carriera. “Our exposure created a competitive bidding environment for the property which ensured our seller a probable closing at the highest possible price. The buyer was out of state and it was his first multifamily acquisition in Tallahassee.”

The Tallahassee multifamily asset is located at 2131 North Meridian Road. The property sits on about 8.85 acres of land and offers 21 two-story residential buildings.