FORT MYERS, Fla., Dec. 26, 2017 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Edison Estates, a 12-unit mix-use apartment property located in Fort Myers, Florida, according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $975,000 or $81,250 per unit, a record price per unit in the Midtown and Downtown Fort Myers Market.
Benjamin N. Skinner, Francesco P. Carriera, and Michael P. Regan, investment specialists in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a privateNew York investor. The group also represented the buyer, a private investor looking to expand their holdings into the West Florida market. Through a thorough marketing process, the group generated interest from over fifty investors, along with multiple offers from out-of-area buyers.
“Over the past twelve months, we have found great success in generating tremendous interest and multiple offers in the Southwest Florida market, as investors are beginning to shift their focus to tertiary markets, in search for yield that is proving to be difficult to find in primary and secondary markets,” Mr. Skinner.
Built in 1967 and heavily renovated in 2017, Edison Estates has a solid frame constructed of concrete-block. It consists of two, two-story buildings which have twelve two-bedroom one-bathroom units. Located at the heart of the Midtown Redevelopment District, Edison Estates is positioned to experience tremendous upside as the city begins its effort to create a “high-tech hub” in the heart of Fort Myers. Edison Estates is located at 1919 Ricardo Avenue in Fort Myers, Florida.
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About Marcus & Millichap (NYSE: MMI)
With over 1,700 investment sales and financing 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 9,000 transactions in 2016 with a value of approximately $42.3 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