$29 Million Multifamily Asset in Northwestern Florida Sold by IPA
PENSACOLA, Fla., Nov. 14, 2018 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Fairfield Lakes Apartments, a 268-unit apartment community in Pensacola, Florida. The property sold for $29 million, which represents $108,209 per unit.
“Fairfield Lakes will provide new ownership with consistent in-place cash flow and the opportunity to add value through interior improvements,” said Frank Carriera, IPA senior director. “After four years of ownership, the seller had built some equity that he wanted to capitalize on and redeploy into other investments.”
“There is a significant affordability gap in the area between the price of a single-family home and the cost to rent,” added Michael Regan, IPA senior director. Carriera and Regan represented the seller and procured the buyer.
Fairfield Lakes Apartments is located at 8100 West Highway 98 in Pensacola. The Naval Air Station Pensacola, Corry Station, and Saufley Field, a military airport and support facility, are all nearby and contribute 63,000 jobs to the local economy and have a $7 billion annual impact on the area. Military-affiliated residents occupy more than half of Fairfield Lakes Apartments. Built in 2003 on more than 15 acres, the property is composed of 16 residential buildings, a clubhouse, and seven garages. The average unit size is 1,036 square feet.