Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Staten Crossing Apartments, a 196-unit property in Valdosta, Georgia. The asset sold for $18,500,000.

"I originally sold this asset to the current owner/seller back in 2008. Since then, the property has been a rock-solid performer, even without significant upgrades,” said John Brigel, first vice president of investments. “Today, it arguably represents the last, best opportunity in the market, with its prime 'A' location. As such, this opportunity was swiftly taken off the market. The winning bidder is a client with whom I have conducted substantial business in South and Middle Georgia over the past six years. The seller’s team was very satisfied with the price and terms, and equally important to them was the buyer’s strong reputation as an outstanding, resident-centric management team. The continued quality care of their residents and employees was paramount in their selection of the winning bidder.”

Brigel of Marcus & Millichap’s Tampa office had the exclusive listing to market the property on behalf of the seller and secured the buyer, THC Management LLC. John Leonard, Broker of Record in Georgia, assisted in closing the transaction.

Located at 3925 N. Oak Street Extension, the Southern-style property was built in 1998 and spans 198,562 square feet comprising spacious garden-style one- and two-bedroom apartments. Amenities include a swimming pool, sundeck, fitness center, tennis courts, and more. Situated just minutes from Moody Air Force Base, Valdosta State University and South Georgia Medical Center.