Marcus & Millichap a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of The Gates at the Stadium and The Gates at Valdosta in Valdosta, Georgia. The two-property, 132-unit student housing community sold for $18.5 million.

“Another Northeast, blue-state buyer looking to redeploy capital into the 'open for business' state of Georgia. The appetite is strong for Georgia assets,” said John Edward Brigel, first vice president investments in Marcus & Millichap’s Tampa office. Brigel had the exclusive listing to market the property on behalf of the seller, a student housing firm based in Atlanta. The New York-based buyer was also procured by Brigel. John Leonard, Marcus & Millichap's broker of record in Georgia, assisted in closing this transaction.

The Gates at the Stadium is located at 1106 Slater Street, across the street from Valdosta State University (VSU).  The second housing community, The Gates at Valdosta, is located at 1400 Baytree Drive only 1.5 blocks from campus.

The garden-style properties underwent $1.7 million in renovations in 2018 and features fully furnished living quarters, walk-in closets, and full-size washer and dryers. The Gates at the Stadium and The Gates at Valdosta onsite amenities include a pool and clubhouse.