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| 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.
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| 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
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