Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Lost Tree Village, a 60-unit apartment property located in Fort Myers, Florida, according to Justin W. West, regional manager of the firm’s Orlando office. The asset sold for $5,500,000.
The buyer, a private international investor, was secured and represented by Benjamin Skinner and Matthew Prozzillo, senior investment associates in Marcus & Millichap’s Orlando office.
Lost Tree Village is located at 15105-15156 Pine Meadows Dr in Fort Myers, Florida. The location provides premier access to surrounding employment bases and recreational amenities, including HeatlhPark Medical Center, Gulf Coast Medical Center, CenturyLink Sports Complex (Minnesota Twins Spring Training), Florida Gulf Coast University, and Lakes Park. Built in 1988, Lost Tree Village offers the market a mix of studio, one-bedroom, and two-bedroom apartment units.
“Given the world-renowned status that the Fort Myers/Cape Coral MSA boasts, we’re happy to announce our second transaction in the market with this private investor out of Europe. Ultimately, the global interest that multifamily real estate in Southwest Florida receives is a strong testament to the growing and diversifying economy that the local leaders and investors have built over the past decade,” said Skinner. “For the buyer, this deal fits their fund perfectly, as they’ve already established themselves as strong operators in the SWFL markets, allowing them to execute on a business plan that will be advantageous to their investors, their tenants, and the community as a whole.”
About Marcus & Millichap (NYSE: MMI)
With over 2,000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 8,954 transactions in 2020 with a value of approximately $43 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.
