Multifamily Value-Add Opportunity Exclusively Offered by IPA
PENSACOLA, Fla., Jan. 19, 2018 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI) announces the exclusive opportunity to acquire Fairfield Lakes Apartments, a 268-unit apartment community in Pensacola, Florida. The price is open bid.
“Fairfield Lakes is a stabilized asset with 95 percent occupancy over the last 12 months and consistent in-place cash flow,” says Frank Carriera, senior director.
“The offering presents an opportunity to perform strategic capital upgrades and position the property above its top competitors,” adds Michael Regan, senior director.
Carriera and Regan are representing the seller.
Built in 2003 on more than 15 acres, Fairfield Lakes Apartments is located at 8100 West Highway 98 in Pensacola. The nearby Naval Air Station Pensacola, Corry Station, and Saufley Field, a military airport and support facility, contribute a combined $7 billion annually to the local economy, and employ 63,000 workers. More than half of Fairfield Lakes Apartments is occupied by military-affiliated residents.