Marcus & Millichap Brokers $3 Million Sale of 88-Unit Bay Park Villas Apartments in Fort Myers, FL

Michael P. Regan

FORT MYERS, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, oday announced the sale of Bay Park Villas, a 88-unit apartment community located in Fort Myers, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $3,010,000.

Cameron Barbas, associate, Joshua Teplitzky, associate, Michael P. Regan, first vice president investments, and Francesco P. Carriera, vice president investments, all in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. 

The buyer, a private investor, was secured and also represented by the four brokers.

Bay Park Villas is an 88-unit multifamily community located at 2315 Central Avenue in Fort Myers, Florida. The property sits on approximately 2.81 acres situated a few blocks east of U.S. Highway 41, the major north/south thoroughfare in Lee County.

The buildings are comprised of studio, one-bedroom/one-bathroom, two-bedroom/one-bathroom and two-bedroom/one-and-a-half bathroom units. The units feature upgraded interiors with granite countertops, new appliances and ceramic tile flooring. Recent exterior capital improvements include new paint on the exterior of the buildings, new private fenced-in patios for the downstairs units, parking lot improvements and new landscaping.

Francesco P. Carriera

“Although Fort Myers is considered a tertiary market, many investors are seeking an entry point into the southwest Florida market,” says Teplitzky. “We generated five offers in a short thirty day marketing period and ultimately procured the buyer out of New York.”

“This transaction was sold by the bank in the middle of 2015, and the Carriera Regan team was able to sell the asset again within six months,” added Barbas. 

“Despite the recent sale, we were able to articulate the future value of the real estate to the buyer pool and demonstrate the additional upside within the deal.”

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

                                                        

Richard D. Matricaria

Vice President/Regional Manager

Tampa, FL

(813) 387-4700