FORT MYERS, Fla., March 13, 2019 – 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 Riverwalk, a 52-unit apartment property located in Fort Myers, Fla., according to Grant Fitzgerald, sales manager of the firm’s Tampa office. The asset sold for $6,025,000.
Casey Babb, CCIM, Luis Baez, CCIM and Shawn Rupp, 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 byAdam Podbelski, Ned Roberts, CCIM and Jason Hague, investment specialists in Marcus & Millichap’s Tampa office.
“Riverwalk is a waterfront apartment community located in the River District of Downtown Fort Myers. Given the excellent location, it was a highly sought-after asset and we received 7 offers before closing just over the full ask price,” said Babb.
“Given the highly desirable location coupled with the asset’s strong upside potential, Riverwalk was a great addition to our client’s Southwest Florida portfolio – thus, we were able to close at contract price well within the time parameters of the agreement,” added Podbelski.
Originally built in the 1960s, The Riverwalk has evolved over time most recently becoming vacant in the late 2000s in advance of a failed condo tower development and then being brought back to life by the current owner who invested $1.2 million into the property to completely renovate all of the units as well as the building exteriors, common areas, amenities and landscaping. Situated on 1.95 acres at the foot of the Edison Bridges and overlooking the Caloosahatchee River, the site features lush tropical landscaping and surface parking for the residents as well as wide walkway corridors between the eight, two-story buildings which are constructed of concrete block and painted stucco exteriors with exterior access breezeways and pitched shingle roofs.
Residents enjoy common amenities such as on-site leasing and laundry centers, a Florida-style clubhouse, sparkling swimming pool and sundeck overlooking the waterfront, as well as a riverfront observation and fishing deck. Units are 100 percent two-bedroom/one-bathroom units ranging in size between 900 and 914 square feet and feature semi-private patio or breezeway access, mostly hard surface ceramic tile flooring throughout with carpet in the bedrooms, fully-appointed kitchens with black, energy-efficient appliances including dishwashers and built-in microwaves, cherry wood cabinets, formica countertops, crown moldings, textured paint and updated light and fan packages, window treatments and river, pool or garden views in select locations. Riverwalk is located at 2515 1st Street in Fort Myers, 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