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Business Observer Thursday, Jul. 13, 2017 3 years ago

Multiple bids in $4M apartment complex sale

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Marcus & Millichap's Tampa office handled the sale of Bay Park Villas.

FORT MYERS — An investor acquired Bay Park Villas, an 88-unit apartment complex in the Midtown section of Fort Myers, for $4.03 million.

A team of brokers from Marcus & Millichap's Tampa office handled the sale for the seller and the buyer, both private investors, according to a statement. The brokers on the deal include: Cameron Barbas, Joshua Teplitzky, Francesco Carriera and Michael Regan.

The complex, at 2315 Central Ave., is a close 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,” Barbas says in the statement.

The complex had four offers from out of area owners in the first two weeks of marketing before going under contract, adds Teplitzky. “We're seeing a strong interest by multiple owners to buy into the high barrier of entry Gulf Coast cities in Southwest Florida,” Teplitzky says in the statement. “The buyers continue to find yield as well as a lower basis to enter such prime real estate.”

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