Thursday, June 6, 2013

Marcus & Millichap Arranges Sale of 60-Unit Apartment Building in Fort Myers, FL for $3.5 Million


                           Seville Apartments, Fort Myers, FL

FORT MYERS, FL, June 6, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Seville Apartments, a 60-unit apartment community located in Fort Myers, Florida, according to Richard D. Matricaria, Regional Manager of the firm’s Tampa office. The asset commanded a sales price of $3,500,000, or $58,333 per unit.

Casey Babb
Casey Babb, a CCIM and senior multifamily specialist, and Luis Baez, associate in Marcus & Millichap’s Tampa office had the exclusive listing to market the property on behalf of the South Florida-based seller, ICM Seville, LLC. 

Josh Talberg, an associate in the firm’s Minneapolis office procured the buyer of the property, a private investor based in Minneapolis. 

Seville Apartments is a 1980s vintage, Class “B+” garden apartment community located on 5.8 lushly landscaped acres and located at 7370 Pinnacle Pines Drive in Fort Myers, Florida. 

Seville Apartments unit mix features one- and two-bedroom apartment homes.  Property amenities include fully-appointed kitchens and baths, sizeable walk-in closets, ceiling fans, stackable washer and dryer connections, outside storage closets, semi-private breezeway entries and private screened-in patios and balconies.

Since 2007, there has been over a half-million dollars’ worth of capital improvements, including new roofs, air handlers, air compressors, appliances, landscaping, site drainage, parking lots, amenity upgrades and exterior fencing.

Josh Talberg
“The Seville Apartments was a short-sale that took almost a year to complete, but in the end, it commanded one of the highest prices on record in the current market cycle for southwest Florida apartments sized between 50 and 100 units,” said Babb in a statement. 

“Our platform was able to generate eight offers from a mix of local and international investors and our Tampa and Minneapolis offices worked in collaboration to execute the transaction over seven months of negotiation,” adds Babb.

 For a complete copy of the company’s news release, please contact:

Richard D. Matricaria
Regional Manager
Tampa, FL

(813) 387-4700

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