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BUYER: Bay Breeze Sonesta LLC (Debartolo Development LLC), Tampa
SELLER: Bayside 180 LLC
PROPERTY: 16001 Bayside Pointe, Fort Myers
PRICE: $13.58 million
PREVIOUS PRICE: $36.9 million, December 2005
LAW FIRM ON DEED: Stearns Weaver Miller Weissler Alhadeff & Sitterson PA, Miami
PLANS, DESCRIPTION: Tampa-based Debartolo Development purchased the 180-unit Bay Breeze Villas for $13.58 million.
The price equated to $75,417 per unit.
Bay Breeze Villas features 88 detached garages, a nine-acre lake, a pool, a jogging path and tennis courts that surround the complex, which is made up of 23 two-story buildings. Units in the complex, which was built in 2001, average 1,118 square feet.
Jamie May and Matt Mitchell of Marcus & Millichap brokered the sale. The 201,196-square-foot complex is 76% occupied.
“This one was lagging behind its competitors,” May says. “There are seven Class-A properties in Fort Myers and all the others except one have an average occupancy of 98%. It was built as a condominium so [the units have] 10-foot ceilings, crown molding in the living rooms and condominium-level appliances. Every unit is a corner unit facing the lake.”
Debartolo Development is acquainted with the area. It was part of a group that acquired the nearby 408-unit The Palms of Monterrey earlier this year for $25.4 million. That purchase equated to $62,255 a unit.
Debartolo Development, best known as a retail developer, recently turned its attention from ground-up development to acquiring troubled retail and multi-family developments.
“When times are good we develop,” says DeBartolo Development President Ed Kobel. “But right now we are covering the nation buying distressed real estate from here to Honolulu.”
Kobel says the firm plans to improve the occupancy by “freshening” the look of the property and adding professional management.
Property Counselors Management Group, the same company hired to manage The Palms of Monterrey, has been retained to manage Bay Breeze Villas.
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