TALLAHASSEE, FL—The Victoria Grand, a 320-unit multifamily complex in Tallahassee's affluent Northeast submarket, has traded hands. The asset sold for $42.24 million.

The Jacksonville office of ARA brokered the sale. The ARA Central and North Florida-based sales team, led by senior vice president, Matt Wilcox and principals Kevin Judd and Patrick Dufour, represented Raia Properties Corporation.

“Victoria Grand is a class AAA asset in a strong secondary Florida Market,” says Wilcox. “Tallahassee exhibits all the base strengths of major MSAs across Florida. The diverse employment base is comprised of state government, three major universities and regional medical centers serving all of Northwest Florida and Southern Georgia.”

Victoria Grand offers a mix of one, two, and three bedroom floor plans with a large average unit size of 1,105 square feet. Built in 2008, the multifamily property's many high-end unit features, large floor plans and extensive community amenities make it as one of the most luxurious apartment communities in the marketplace.

“Additionally, the market has no market-rate units slated for delivery in 2014 and beyond,” Wilcox says. “These factors, combined with a 6% unemployment rate for the Tallahassee MSA, positions Victoria Grand for strong future performance and limited competition.”

The multifamily property is located between Tallahassee's two major hospital campuses, Capital Regional Medical Center and Tallahassee Memorial Hospital. The multifamily asset tenant base draws from employment connected with three major state universities in Tallahassee: Florida State University, Florida A&M University and Tallahassee Community College. Tallahassee is also the State Capitol of Florida, with many government and legal services employment opportunities to support the area.

Raia is a real estate investment management and development firm focusing on institutional quality assets. The company owns a portfolio of 3,000 class A multifamily properties.