Monday, May 30, 2016

$8.5 Million Sale of 168-Unit Affordable Rental Community in Cape Coral, FL Arranged by Marcus & Millichap

Evan P. Kristol
CAPE CORAL, FL  – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Crossings at Cape Coral, a 168-unit affordable LIHTC community located in the city of Cape Coral, Fla. The asset sold for $8,500,000.

            “The surge in investor demand for aging affordable housing communities is evident in the spike in activity and rising sales prices. The majority of the investors are cash buyers who can close quickly,” says Evan P. Kristol, a senior vice president investments in Marcus & Millichap’s Fort Lauderdale office.

“Crossings at Cape Coral offered the opportunity to acquire a well-maintained, stabilized community with strong occupancy. We generated immediate national interest and closed at $600,000 above list price just three months after taking the property to market.”

Kristol represented both the seller, an institutional owner based in New York City, and the buyer, a private investor based in Florida, in the sale.

Crossings at Cape Coral is comprised of eight three-story buildings and a free-standing community clubhouse on an 11-acre site. The majority of the units have two-, three- and four-bedroom floor plans.

The property was constructed and placed into the Low Income Housing Tax Credit (LIHTC) Program in 2000. The initial Tax Credit Compliance Period (TCCP) expired in 2015, although there are extended use restrictions in place until 2050, which require 100 percent of the units to be leased to residents who earn no more than 60 percent of the Area Median Income.

Crossings at Cape Coral is located at 1150 Hancock Creek South Boulevard just south of Pine Island Road between Cleveland Avenue (SR 41) and Del Prado Boulevard.

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

Ryan Nee
Vice President / Regional Manager
 Fort Lauderdale, FL

(954) 245-3400

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