FORT MYERS, Fla., March 19, 2018 – 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 Golf Meadow, a 44-unit apartment property located in Fort Myers, Florida, according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $3,000,000. Casey Babb, CCIM and Luis Baez, CCIM, investment specialists in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor.
“The bidders for Golf Meadow ranged from local Fort Myers MSA owner/investors to Miami-based investors as well as investors from the Northeastern US and Canada. The winning bidder conducted a 15-day due diligence and closed within 30 days at 97 percent of list price and without re-trade,” says Mr. Babb.
Golf Meadow is a 44-unit, 1970’s vintage, Class B, garden apartment community located in Fort Myers, Florida next to the Fort Myers Golf & Country Club and approximately 2.2 miles south of the downtown area. The property consists of four two-story block buildings with built-up flat roofs which were replaced in 2016. Set on a 1.37-acre site, Golf Meadow features a mix of mature palm and pine trees, as well as lush tropical Florida landscaping. The property contains a number of amenities, including a pool and sundeck as well as picnic and barbeque areas, shuffleboard courts, onsite laundry facilities, an on-site leasing office and covered parking.
Units are a diverse mix of two-bedroom/one-bath, two-bedroom/two-bath, three-bedroom/one-bath and three-bedroom/two-bath which average 752-square-feet and have performed at nearly 100 percent occupancy over the months leading-up to closing. Units feature semi-private entries, split bedroom floorplans (select units), individual air conditioning units, hard surface ceramic tile floors throughout, private patios and balconies and upgraded light, faucet and fan fixtures. Kitchens and baths have also been upgraded with new countertops, updated white appliances and refaced white cabinets.
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About Marcus & Millichap (NYSE: MMI)
With over 1,800 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 nearly 9,000 transactions in 2017 with a value of approximately $42.2 billion. Marcus & Millichap 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