FORT MYERS, Fla, June 28, 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 Palm Vista I & II Apartment Homes, a 144-unit apartment property located in Fort Myers, Florida, according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $10,250,000.
Michael Donaldson, Nicholas Meoli and Adam Podbelski, investment specialists 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 represented by Nicholas Meoli and Michael Donaldson, investment specialists in Marcus & Millichap’s Tampa office.
“Palm Vista Apartments represented an increasingly rare opportunity to acquire and ideal repositioning opportunity in Fort Myers, FL which was named #1 on Forbes’ 2017 list of “Americas Fastest-Growing Cities”. With a favorable unit mix of 78% two-bedrooms and the capability to capture an average of $160/month rent premiums we generated several offers within seven days from launching our marketing campaign”, says Meoli.
“The buyer intends to renovate all of the units and enhance the amenity package which will be competitive in the submarket and ultimately capitalizing on the opportunity to increase Gross Potential Income by 32 percent”, adds Donaldson.
Palm Vista I & II Apartment Homes consists of two adjacent communities consisting of 12 units built in 1974 and 16 units built in 1985. The community is centrally positioned within minutes to Downtown Fort Myers, Page Airport, The Edison Mall, Lee Memorial Hospital and Fort Myers Country Club. Palm Vista I & II Apartment Homes is located at 3764 Central Ave in Fort Myers, FL.
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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 over 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