Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of Residences on 16th, a 63-unit multifamily community in Naples, Florida.
“While we encountered numerous hurdles during the transaction, our exceptional deal team worked together to overcome each problem and drive the process forward,” said Sam Ferguson, associate investments in Marcus & Millichap’s Tampa office. “In just 41 days, we successfully moved from contract to close. It was a testament to execution and a win for everyone involved.”
Ferguson, along with Marcus & Millichap’s Ned Roberts and Jason Hague, represented the seller, Opus Reserve LLC, and procured the buyer, Sharp Key Capital.
Residences on 16th was built in 2002 and is located at 5194 16th Place Southwest on a 5.2-acre site comprising 16 two-story buildings. The community offers primarily two-bedroom apartments, with one three-bedroom unit and one studio. Units average 975 square feet and feature washer and dryer connections in every apartment.
Recent capital improvements include kitchen and bathroom upgrades in more than 75% of the apartments and the installation of a metal roof in 2019. The property is near Physicians
Regional Medical Center, Florida SouthWestern State College, and top-rated Collier County schools. It is also within three miles of Interstate 75 and close to numerous retail, dining, and lifestyle amenities.
Marcus & Millichap, Inc. (NYSE: MMI) is a leading national brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services. As of December 31, 2023, the Company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The Company also offers market research, consulting and advisory services to our clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion.
