TALLAHASSEE, FL - Transwestern's Southeast Investment Services Group announced it brokered the disposition of Spanish Oaks Apartments for $6.8 million, or $50,746 per unit. The 134-unit, garden-style community is located at 1327 High Road in Tallahassee, Florida, and totals 144,760 square feet.
Transwestern Managing Directors Mike McGaughy, Jon Kleinberg and John Bell represented the seller, Mississippi-based Dawn Properties Inc. The property was acquired by San Francisco-based Fowler Property Acquisitions.
"Spanish Oaks has consistently outperformed the competitors over the past two years – at closing, the property was 100 percent occupied with a waiting list," said McGaughy. "This is a strategic investment that provides strong existing cash flow and potential upside through utility cost savings and by increasing rents to market rates."
Spanish Oaks is located within minutes of Florida State University, Florida A&M University, Tallahassee Community College, the Florida State Capitol, Tallahassee Mall and Towne South Shopping Center. Offering outstanding convenience for college students, the property is a stop on Florida State's free Seminole Express FAST Garnet bus route.
Built in 1975, Spanish Oaks underwent extensive renovations in 2014 that included remodeling the clubhouse; repaving and restriping the parking lot; and replacing the shingle roofs, gutters, siding and paint. Offering a floorplan mix of one, two and three bedrooms with a spacious average unit size of 1,080 square feet, the community features a pool, clubhouse, fitness center and lighted tennis court.