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| Palm Vista Apartments I and II, 3726 Central Avenue, Fort Myers, FL |
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| Nicholas Meoli |
FORT MYERS, FL, Dec.
9, 2014 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate
investment services firm with offices throughout the United States and Canada,
today announced the sale of Palm Vista I & II, a 144-unit apartment community
located in Fort Myers, Fla., according to Richard D. Matricaria,
regional manager of the firm’s Tampa office.
The $6,700,000 sales price equates to $46,527 per unit.
Nicholas Meoli, senior investment associate and Michael
Donaldson, vice president investments in Marcus & Millichap’s Tampa
office, represented both parties in this transaction.
Palm Vista I & II is located at 3726 Central Avenue
in Fort Myers, Fla. The property
consists of 12, two-story buildings built in 1974 and 1985 and is comprised of
33 one-bedroom/one-bathroom units and 111 two-bedroom/two-bathroom units.
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| Michael Donaldson |
Palm Vista I &
II is situated on two spacious lots totaling approximately 5.86 acres. Amenities include a swimming pool,
clubhouse, on-site laundry facilities, renovated units and screened-in patios
and balconies.
The community also offers an abundance of parking with two
spaces per unit, providing convenient parking options for residents and
guests.
“Central and Southwest Florida have seen increased demand
for value-add opportunities in secondary markets, as core assets in primary
locations have experienced significant cap rate compression,” says Meoli.
“Fort Myers has
sustained considerable rent growth over the past 12 months, which has captured
the attention of national and international investors as the area continues to
achieve increased rental demand,” adds Donaldson
For a complete copy of the company’s news release, please
contact:
Richard D. Matricaria
Vice President/Regional Manager
Tampa, FL
(813) 387-4700
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