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TALLAHASSEE, FL-On the market for only 30 days, the 37-year-old, 128-unit Landmark Apartments complex has sold for $4.8 million or $37,344 per unit. McKenzie Landmark Development LLC of Boston bought the 26-building, 90%-leased property from Regency Green National Corp., a New York-based partnership. The site is about two miles from the Florida State University campus.

The deal took “less than 60 days” to complete, from contract signing to closing, Robert E. Smith, president, Smith Equities Corp., Orlando, tells GlobeSt.com. Smith brokered the transaction. The deal was done at this time because “the seller decided to begin eliminating old inventory and start investing in new product,” Smith tells GlobeSt.com.

The property at 2125 Jackson Bluff Rd. has 32 one-bedroom units and 96 two-bedroom units. The average size of the apartments is 889 sf with average asking base rents at $639 per month. Smith says there is “a lot of (investment sales) activity in this secondary market.” Many of the properties are in out-of-state ownership “and that often expedites, rather than slows down” a transaction, he tells GlobeSt.com.

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