TALLAHASSE, FL-Jackson Square Apartments, a 242-unit class Agarden community in Tallahassee’s Thomasville submarket, has tradedfor $21.7 million. The property is 95% occupied.ARA Central Florida-based principal, KevinJudd and vice presidents Patrick Dufourand Matt Wilcox represented the TIC seller in thedeal.

The sheer number of people involved in the decision process canmake TIC sales challenging. In the Jackson Square deal, the TICincluded 40 individual investors who had to approve the sale.Wilcox tells GlobeSt.com that the asset was a strong performingdeal in an A location, so from the beginning patience andpersistence were key, along with clear communication to the buyingcommunity.

“The Tallahassee market had not experienced a brokered class A,non-student deal in some time, so there was an initial challengewith informing many groups not familiar with the market of thestrong underlying fundamentals of the macro multifamily marketthere,” Wilcox says. “Once those factors were properlycommunicated, the buying community responded well.”