Bobby Diaz, builder and operator of Valdosta, Georgia-based Diaz Construction LLC, built 805 Harmon Heights Apartments & Condos, a 100-unit apartment property in its hometown, in phases from 2009 to 2021, according to a news release.
Over time, portions of the property have undergone extensive renovations, including new cabinetry, countertops, stainless steel appliances, modernized flooring and enhanced security.
“I’ve rarely seen an asset with such exceptional historical and current operating metrics,” said John E. Brigel, senior vice president of investments in commercial real estate services provider Marcus & Millichap’s Tampa office, in the news release.
Brigel wasn’t the only one who took note of the property. A Tennessee-based investor who recently purchased another apartment community in the area recognized the asset's value when it was on the market earlier.
“He acted quickly, paying the full list price of $182,500 per unit — a record-setting figure for South Georgia,” said Brigel, who exclusively marketed the property on behalf of the seller and procured the buyer.
The 113,600-square-foot property includes one-, two- and three-bedroom units across nine buildings. It is near major employers such as South Georgia Medical Center, Moody Air Force Base and Valdosta State University.
‘This was a tremendous opportunity,” Brigel said.
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