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 MarBella, a 41-unit apartment property located in Fort Myers, Florida, according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $3,400,000.
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 buyer, a private investor, was secured and represented by Adam Podbelski, Michael Donaldson and Nicholas Meoli, investment specialists in Marcus & Millichap’s Tampa office.
“The property had received an exterior paint job and numerous interior upgrades to flooring, fixtures, kitchens and baths under the seller’s 6-year ownership and was performing at above 95% occupancy over the trailing 12-month period”, says Babb.
“The buyer was attracted to the quality location, the ability to enhance the common area amenities and overall value-add potential of the asset. Additionally, Marcus & Millichap Capital Corp. arranged the financing through Freddie Mac, which ultimately allowed the transaction to close within 75 days”, added Podbelski.
Marbella has been well-maintained under the current ownership and has received numerous improvements including exterior paint and rehabs to nearly all the units. Renovated units feature ceramic tile flooring throughout, interior paint, interior doors, updated fixtures throughout along with rehabbed kitchens and baths. MarBella is located at 7961 Gladiolus Drive in Fort Myers, Florida.
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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