Marcus & Millichap Brokers the Sale of a Class-A Florida Student Housing Complex

PENSACOLA, Fla., June 24, 2022 - 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 Utopia Cottages, a Class-A cottage-style student housing property comprised of three- and four-bedroom homes across eight cottages totaling 30 beds in Pensacola, Florida. The housing complex near the University of West Florida sold for $2.75 million.

Built in 2020, the two-story asset features premium interior finishes, stainless steel appliances, stained concrete floors, open concept floor plans, walk-in closets, 9 ft. ceilings, washer/dryers in each unit, and recessed lighting. The 1.00-acre property equated to $224.97 per square foot. The cottages are substantially larger than comparable housing in the area, with an average unit size of 1,528-square-feet.

Matthew Prozzillo and Benjamin Skinner, investment specialists in Marcus & Millichap's Orlando office, had the exclusive listing to market the property on behalf of the sellers, Austin, Texas-based real estate development company, Haken Holdings. The New York-based buyer, MMC Realty Holdings LLC, was also procured by Prozzillo and Skinner.

"This transaction marks the buyer's entry into the Florida market after historically investing in the northeast. The buyer was attracted to the Utopia Cottages due to its close proximity to University of West Florida, the asset being newly built, and the strong enrollment seen in student housing assets throughout the southeast," said Prozzillo, senior investment associate.

Utopia Cottages, located at 9822 Utopia Drive, is three minutes from the University of West Florida (UWF), UWF's Sports Complex, and East 9 Mile Rd., a major retail and restaurant corridor. The property offers student residents easy access to Downtown Pensacola, Pensacola International Airport, and Baptist Hospital.

# # #

About Marcus & Millichap (NYSE: MMI)

Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2021, the company had 1,994 investment sales and financing professionals in 82 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 13,255 transactions in 2021, with a sales volume of approximately $84.4 billion. For additional information, please visit www.MarcusMillichap.com.