FORT MYERS, FLA., November 11, 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 Plaza-View Apartments, a 12-unit apartment community located in Fort Myers, Fla., according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $342,500.
Adam Podbelski, investment associate, Michael Donaldson, vice president investments, and Nicholas Meoli, senior investment associate, all in Marcus & Millichap’s Tampa office, represented both parties in the transaction.
Plaza-View Apartments is located at 2144 Illinois Avenue in Fort Myers, Florida. This 12-unit apartment community consists of one, two-story, wood-frame building. Built in 1926, the structure has since received additional renovations, including a white EPDM roof in 2005 and a rear staircase in 2011. The property is situated on approximately 0.17 acres of land, just a quarter-mile from the Edison and Ford Winter Estates. Plaza-View is comprised of eight studios with approximately 500 rentable square feet and four, one-bedroom/one-bathroom units with approximately 600 rentable square feet.
“Having the second largest rental growth rate among U.S. markets in 2013, Fort Myers has continued to see increased demand, especially in highly desirable submarkets like the River District” says Podbelski. “Being in very close proximity to the downtown area and offering a strong value-add opportunity, the asset drew significant interest from both local and international investors.”
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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