Marcus & Millichap brokers the sale of 320-unit affordable LIHTC apartment asset in Fort Myers for $49 million

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The Brittany
Marcus & Millichap announced the sale of The Brittany, a 320-unit, affordable low-income housing asset located in Fort Myers, Florida.

Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of The Brittany, a 320-unit, affordable low-income housing asset located in Fort Myers, Florida. The property, located at 4050 Winkler Ave. Ext., sold for $49 million.

“The Brittany is one of only a handful of long-term affordable housing communities in Fort Myers. It is located just west of Interstate 75 and surrounded by many newer market-rate apartment buildings,” said Evan Kristol, executive managing director in Marcus & Millichap’s Fort Lauderdale office. “The property offers a desirable mix of 75% two-, three- and four-bedroom floorplans. The new owner will continue to operate the property as affordable housing while benefiting from the rapidly growing Lee County market.”

Kristol had the exclusive listing to market the property on behalf of the seller, a private investment group based in New York, and procured the buyer, Dominium Acquisition, LLC.

Built in two phases in 1999 and 2000, the 26 two-story buildings and one-story clubhouse are situated on a 23.86-acre site. The Brittany features large floor plans from 771 to 1,444 rentable square feet, a gated swimming pool with large sundeck and cabana, business center, fitness center, two playgrounds, basketball courts, a carwash and community van.