FORT MYERS, Fla., August 6, 2019 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of Residences at Page Park, a 70-unit apartment property located in Fort Myers, FL, according to Grant Fitzgerald, sales manager of the firm’s Tampa office. The asset sold for $12,300,000.
Adam Podbelski, Ned Roberts, CCIM and Jason Hague, investment specialists in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, a limited liability company, was also secured and represented by Adam Podbelski, Ned Roberts, CCIM and Jason Hague.
“The Residences at Page Park provided a unique opportunity for a well-established developer to takeover 70 existing units with the ability to further increase their unit count on the approximate 4.53 acres included in the sale,” said Mr. Podbelski. “Moreover, given that the acreage was sizeable enough to also accompany the buyer’s proposed amenity package, we were able to demonstrate added upside and consequently compress the takeover cap. rate to approximately 5.28%,” added Podbelski.
Residences at Page Park is located at 200 Dahlia Lane in Fort Myers, Fla. The apartment community offers an attractive mix of 100% three-bedroom units. Residences at Page Park is a new development completed in 2016 with ground-up concrete block construction. Located in Fort Myers, Fla, Residences at Page Park has a strong location just off of the major north/south thoroughfare U.S. 41.
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