ATLANTA—Sandy Creek Apartments, a 80-unit multifamily property in Waycross, GA, has changed hands. The sale price was $1.55 million.

John E. Brigel, a senior associate in Marcus & Millichap's Tampa office, had the exclusive listing to market the property on behalf of the seller, a government agency. Brigel also represented the buyer of the property, a GA-based partnership.

“The asset was gifted to a local university three years ago and subsequently rents were never raised and capital maintenance items were allowed to mount,” says Brigel. “The university foundation's president is very excited about the final sales price and the buyer is equally excited about acquiring a nice value-add property.”

Sandy Creek Apartments is located at 600 Summit Street in Waycross. The multifamily property was built in 1973 and offers 10 two-story buildings. Sandy Creek Apartments is about one half-mile from the Mayo Clinic Hospital. Multifamily amenities include a sparkling pool, an on-site courtesy officer and a laundry facility.