Marcus & Millichap has announced the sale of Azalea Woods, an 80-unit apartment property located in Valdosta, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The apartments sold for $3,900,000.

Azalea Woods, a student housing community, is located at 811 West Mary St., and is immediately across from Valdosta State University. Currently there are 80 existing units consisting of 38 three-bedroom/one-bath, 38 two-bedroom/one-bath and four one-bedroom/one-bath. 

“I suggested to my seller, a longtime client, that a higher and better use for his strategically situated, family Section 8 asset would be as a prime location, student housing property. He agreed, and so did the investor,” said John E. Brigel.

Brigel, vice president of investments, had the property listed for the limited liability company that owned it. The buyer was represented by John E. Brigel, and Michael Fasano, broker for the state of Georgia, assisted in closing of this transaction.