Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today of Cypress Suites, a 108-unit apartment complex located in Tifton, Georgia. The 6.50-acre property sold for $11,207,142 million.

“Cypress Suites is nestled in a suburban area of South Georgia, strategically situated next to I-75, which has seen a tremendous rise of out-of-state investor interest, particularly from the Northeast. Georgia is open for business and the governor has publicly vowed to not ‘shut down’ again. The property asking was $11.15 million and after a three-day period on the market, it sold about $50,000 more than the asking price,” said John Edward Brigel, first vice president investments in Marcus & Millichap’s Tampa office.

Brigel had the exclusive listing to market on behalf of the seller, Cypress Enterprises LLC, managed by Zalmy Lieberman. The Brooklyn-based buyer was also procured by Brigel. John M. Leonard, the Broker of Record in Marcus & Millichap’s Atlanta office, assisted in closing this transaction.

Cypress Suites is located at 68 Richards Drive, nestled in a suburban area of the Sun Belt, which has seen a rise of out-of-state investor interest. Built in 1998 and renovated in 2020, the apartment property offers one- and two-bedroom floor plans with granite countertops, stainless steel appliances, and new flooring. Property amenities include a saltwater swimming pool and clubhouse.