Done Deals: 75 Condominium Units Sold for $7.85 Million in Cape Coral, FL by Marcus & Millichap

Wednesday, December 16, 2020

75 Condominium Units Sold for $7.85 Million in Cape Coral, FL by Marcus & Millichap

The Isles of Porto Vista, 2904 Tuscan Drive, Cape Coral, FL

Ryan Nee

CAPE CORAL, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of 75 condominium units out of 216 at The Isles of Porto Vista, located in Cape Coral, FL, according to Ryan Nee, regional manager of the firm’s Fort Lauderdale office. The asset sold for $7,850,000.

Evan P. Kristol, executive managing director investments in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, a private investor.

The buyer, a private investor, was secured and represented by Ned Roberts, vice president investments, Jason Hague, first vice president investments and Adam Podbelski, senior associate, in Marcus & Millichap’s Tampa office

Evan P. Kristol

“Isles of Porta Vista was an exceptional opportunity to acquire one-third of a condominium community at roughly a 30% discount off of current condominium sales," says Kristol.

"The transaction closed at just over $104,000 per unit and $73 per square foot, not including the 51 separate garages that were part of the sale.

"Not only can the buyer turn around and resell individual condominiums at a profit, but also the condos were leased and generating an excellent cash flow.”

“The buyer has a unique business plan to which this opportunity is ideally suited,” said Roberts. “Because of Marcus & Millichap’s deeply collaborative culture we were able to partner with Evan Kristol to help bring this deal across the finish line.”