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Business Observer Tuesday, Mar. 20, 2018 2 years ago

Complex draws multiple bidders in $3M sale

The property is a 1970s vintage, Class B, garden apartment community.
by: Mark Gordon Managing Editor

FORT MYERS — An investment entity bought a 44-unit apartment building in Fort Myers for $3 million after a wide-ringing bid process that drew potential buyers from across North America.

The apartment complex is named Golf Meadow, according to a release. The property is a 1970s vintage, Class B, garden apartment community, next to the Fort Myers Golf & Country Club and about 2.2 miles south of downtown Fort Myers.

Casey Babb and Luis Baez, investment specialists in Marcus & Millichap’s Tampa office, listed the property on behalf of the seller, a private investor, according to the statement.  The bidders for the project, says Babb in the statement, ranged from Fort Myers owners/investors to Miami-based investors to investors from the Northeast U.S. and Canada. The winning bidder conducted a 15-day due diligence and closed within 30 days at 97% of list price, Babb adds.

The property consists of four two-story block buildings with built-up flat roofs that were replaced in 2016. Amenities include a pool and sundeck, as well as picnic and barbeque areas, shuffleboard courts, on-site laundry facilities, and covered parking, according to the statement. Units are a mix of two-bedroom/one-bath, two-bedroom/two-bath, three-bedroom/one-bath and three-bedroom/two-bath, which average 752 square feet.


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