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ATLANTA-After sinking $4.8 million ($10,900 per unit) into the renovation of two Ft. Meyers, FL multifamily assets, locally based Atlanta Capital Advisors sold the almost fully-leased properties for $18.95 million or $43,068 per unit to an affiliate of Chicago-based Alliance Holdings.

Regency Park Apartments, a 240-unit, 98%-occupied, three-story garden-style complex at 2346 Winkler Ave., has 72 one-bedroom/one bath units; 144 two-bedroom/1 ½-bath two-story townhomes; and 24 three bedroom/two-bath flats.

The one bedroom units, 700-sf units rent for $595 per month; the two-bedroom, 850-sf townhome units, $710; and the 24 three-bedroom units, $799. Regency Park was built in 1972.

The 26-year-old, two-story, 200-unit, 95%-occupied Island Breeze Apartments at 6308 Panther Lane has 96 two bedroom/two-bath villas renting for $745 per month at 1,100 sf; 45 two bedroom/ 1 ½-bath townhomes renting for $750 per month at 1,100 sf; and 59 two bedroom/two-bath townhomes renting for $765 per month at 1,260 sf.

Atlanta Capital’s acquisition and sales strategy centers on the purchase of older properties needing rehabilitation and their resale within a two-year timeframe, according to brokers Barton Mercer and Jamie May of Naples, FL-based JBM Realty Advisors which represented seller and buyer in the transactions.

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