Michaelson Real Estate Group, LLC and a private equity investor acquire Sandalwood Apartment Homes

Michaelson Real Estate Group, LLC and a private equity investor
acquire Sandalwood Apartment Homes

Pensacola, October 15, 2020

Michaelson Real Estate Group, LLC announces it, along with a private equity investor,
has acquired Sandalwood Apartment Homes. The 144-unit multi-housing community is
located in Pensacola, Florida. The asset enjoyed 94% occupancy at the time of purchase.
“Pensacola real estate is expected to appreciate significantly over the next few years. In
fact, the city’s real estate appreciated by 40.68% over the past decade alone,” said Michael
Moses, CEO of Michaelson. “It is a great city to live in and we believe this asset will prove
to be a solid investment in a value-add community.”
Built in 1985, Sandalwood is located at 6501 West Highway 98. The property features a
mix of one and two-bedroom apartments with an average size of 900 square feet. The
units include walk-in closets, washer/dryer, internet access, private porches/balconies
and fully equipped kitchens. Community amenities include swimming pool, resort-style
pool furnishings, tennis court, fitness studio, basketball court, picnic areas, and a dog
park.
The asset is located within walking distance of Corry Station Naval, Naval Shopping Mall
and the Naval Hospital. It is also located near major employers and transit routes, such
as the Pensacola Naval Air Station, Naval Training Center, Eglin Air Force Base, Naval
Technical Training Center, and the City’s prominent research sector. U.S. 98 provides
direct access to Downtown Pensacola and Pensacola Beach, which are just minutes away.
Interstate 110 and U.S. 90 are also close, providing direct access to Interstate 10,
Tallahassee and Mobile, Alabama.
The property is scheduled to undergo $800,000 in capital improvements. These
improvements include refurbished or enhanced units, upgraded flooring and appliance
replacement.
Michaelson will manage the property. Michaelson specializes in enhancing multifamily
values through marketing, management and repositioning. Michaelson has managed
more than 30,000 apartment and condominium units throughout the Southeast.

For further information please contact:
Michaelson Real Estate Group
Michael Moses |
mmoses@michaelsongroup.com
904-880-0000