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 Bay Park Villas, a 88-unit apartment property located in Fort Myers, Florida, according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $4,030,000.
Cameron Barbas, Joshua Teplitzky, Francesco P. Carriera and Michael P. Regan, 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 also secured and represented by Francesco P. Carriera, Michael P. Regan, Cameron Barbas and Joshua Teplitzky, investment specialists in Marcus & Millichap’s Tampa office.
Bay Park Villas is located in the heart of the Midtown redevelopment area of Fort Myers. The Midtown area is a two-minute drive or walking distance to downtown Fort Myers and the River District. “The River District has really come to life. There are multiple bars and restaurants that have recently opened including some with water views from the rooftops. The city is also hosting multiple events that draw a high volume of foot traffic to the downtown area. The new Mainsail waterfront hotel will add to the popularity of downtown once the city is completed,” stated Cameron Barbas.
“Through our Carriera-Regan marketing efforts, we generated four offers from out of area owners in the first two weeks of marketing before going under contract with a buyer that had an extremely short due diligence period,” says Joshua Teplitzky.
“We’re seeing a strong interest by multiple owners to buy into the high barrier of entry gulf coast cities in Southwest Florida. The buyers continue to find yield as well as a lower basis to enter such prime real estate,” added Teplitzky.
Bay Park Villas is located at 2315 Central Ave in Fort Myers, Florida.
About Marcus & Millichap (NYSE: MMI)
With over 1,700 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 2016 with a value of approximately $42.3 billion. The company 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