Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of Frankie Court Apartments, a 17-unit apartment property located in North Fort Myers, Fla., according to Justin W. West, regional manager of the firm’s Orlando office. The asset sold for $2,270,000.
Benjamin Skinner, Matthew Prozzillo, and Jhamil Moore, investment specialists in Marcus & Millichap’s Orlando office, had the exclusive listing to market the property on behalf of the seller, a private investor, and procured the buyer, a private investor out of California.
“Due to the population growth trends occurring in the Ft. Myers/Cape Coral MSA, the property’s favorable unit mix, and the number of new businesses entering the area, Frankie Court was able to garner many competitive offers from investors across the nation. Although the offer that was selected to move forward was not the highest offer made, all offers received represented price per unit values far above the previous all-time high in the N. Ft. Myers submarket. Ultimately, the deal was awarded to a well-funded and established investor out of California, who plans to further renovate the property, while expanding their portfolio throughout the Ft. Myers/Cape Coral MSA,” says Benjamin Skinner and Matthew Prozzillo.
Frankie Court Apartments is located at 4495 Frankie Ct in North Fort Myers, FL, and offers a unit mix consisting of thirteen two-bedroom townhouse units and four single-story two-bedroom units. The property’s location provides for easy access to Downtown Ft. Myers, Lee Memorial Hospital, Cape Coral Hospital, and the Lee County VA Medical Center.