FORT MYERS, FLA., April 25, 2014 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Gardenia Gardens, a seven-unit apartment property located in Fort Myers, Fla., according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $175,000.
Adam Podbelski, an associate in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a limited liability company based in Georgia. Mr. Podbelski also procured the buyer of the property, a private investor from Miami.
Gardenia Gardens was built in 1974 and is centrally located at 4349 Armeda Avenue in Fort Myers, Fla. Situated on approximately a 0.30-acre lot, the concrete block structure contains seven, two-bedroom/one-bathroom units with approximately 780 rentable square feet.
“By collectively emphasizing Gardenia’s high return and the significant growth taking place in Lee County’s rental markets, we generated multiple offers from local and out-of-area buyers,” says Podbelski. “As a result of our national marketing campaign, we were able to procure a cash buyer in just over thirty days and ultimately closed within twenty-six days of the executed contract date.”
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About Marcus & Millichap (NYSE: MMI)
With over 1,300 investment professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed over 6,600 transactions in 2013 with a value of approximately $24 billion. The company has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com