Two Multifamily Investment Real Estate Properties in Fort Myers, FL Sold by Marcus & Millichap for $19.25 Million

Bella Rosa Apartments, Fort Myers, FL

FORT MYERS, 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 Bella Rosa Apartments and Park Place Apartments, two multifamily communities totaling 337 units located directly across the street from each other in Fort Myers, Fla.

The total $19.25 million sales price for the two investment real estate properties equates to $57,122 per unit.

            Michael Regan and Frank Carriera, vice presidents investments in Marcus & Millichap’s Tampa office, represented the seller and the buyer.

Park Place Apartments, Fort Myers, FL

“The sale of these two assets speaks to the investor demand we are experiencing in southwest Florida,” says Regan. “The properties provide the new owner with the potential to add value through strategic upgrades and capital infusions.”

“With a combined total of 281,780 rentable square feet, these two commercial real estate assets give the buyer critical mass in a thriving and growing market plus the ability to capitalize on the economy of scale their proximity to one another provides,” adds Carriera.

Both properties are located on Deleon Street in Fort Myers, Fla., less than one-tenth of a mile from Colonial Boulevard and U.S. Highway 41, which experience daily traffic counts of more than 49,000 and 57,000 vehicles per day, respectively.

Michael Regan

Fort Myers Beach, Sanibel Island and Captiva Island are nearby, as are major retail attractions such as Edison Mall, Royal Palm Place, Bell Tower Shops, Gulf Coast Town Center, Coconut Point mall and Miromar Outlets.

Built in 1979, Bella Rosa Apartments is a 160-unit, 123,780-rentable-square-foot complex located at 4615-4775 Deleon St. The complex consists of 12 two-story residential buildings and a one-story clubhouse.

Amenities include two on-site laundry facilities, a fitness center, a playground, a dog walking area, picnic/barbecue grilling areas, a business center, clubhouse and a swimming pool. Apartments have private screened-in balconies or patios depending on floor level.

Park Place Apartments is a 177-unit, 158,000-rentable-square foot apartment community located at 4620-4666 Deleon St. It was built in 1973. The property features 13 two-story residential buildings. Community amenities include an on-site laundry facility, fitness center, playground, picnic/barbecue grilling areas and two swimming pools.

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

Gina Relva

Public Relations Manager

(925) 953-1716