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BUYER: Bella Rosa Apartments LLC, Clearwater
SELLER: Landmark at Bella Rosa LP
PROPERTY: 4615-4775 Deleon St., Fort Myers
PRICE: $6 million
PREVIOUS PRICE: $4 million, February 2002
LAW FIRM ON DEED: Marin Eljaiek & Lopez PL, Coconut Grove
PLANS, DESCRIPTION: An undisclosed Clearwater investor, operating as Bella Rosa Apartments LLC, purchased the 160-unit Landmark at Bella Rosa apartment complex for $6 million.
The price equated to $37,500 per unit.
Built in 1979, the two-story community features a clubhouse, pool, two laundry facilities, a fitness center, and tot-lot area. Units in the 12-building complex average 774 square feet. Its occupancy at the time of sale was around 95%.
Jamie May, Eddie Young and Ryan Studzinski of Institutional Property Advisors, a Marcus & Millichap company, handled the transaction.
“The attraction was, it's a stabilized asset in an excellent location close to retail destinations,” Young says. “There was a lot of potential for increasing its effective rents. They were below market. Also the units could be upgraded.”
Young says the previous owner improved many of the community's amenities, along with its landscaping.
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