CAPE CORAL, Fla., August 2, 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 Paradise Gardens, a 16-unit apartment property located in Cape Coral, Fla., according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $1,600,000.
Francesco P. Carriera, Joshua Teplitzky, Michael P. Regan, Cameron S. Barbas and Benjamin Skinner, 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 Benjamin Skinner, Francesco P. Carriera, Michael P. Regan, Cameron S. Barbas and Joshua Teplitzky, investment specialists in Marcus & Millichap’s Tampa office.
“Paradise Gardens offered the buyer with an opportunity to acquire a well located, amenitized property within walking distance of Cape Coral Hospital. Ultimately, the buyer intends to invest in property exterior enhancements to further attract young medical professionals,” stated Mr. Skinner.
Paradise Gardens is located less than one mile east of Del Prado Boulevard, the city’s major north/south corridor, experiencing an average daily traffic count of over 39,500 vehicles per day.
Downtown Fort Myers is experiencing a rapid evolution and expansion as the city has implemented initiatives such as the Midtown and Downtown Redevelopment Plan, which places an emphasis on creating density, a large diverse economy, regional tech hub, and a vibrant, urban lifestyle that will attract large employers and young professionals alike. Paradise Gardens is located at 801 SE 12th Ave in Cape Coral, Fla.
# # #
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