FORT MYERS, FL-The BF Group of Miami has purchased the Majorca Apartments, a 248-unit, class A-plus property here, for $25 million and plans to convert the property to a condominium community.International Capital Corp. of Chicago sold the property for approximately $100,806 per unit, or $87 per sf. Majorca is the fist multifamily property the BF Group is converting to condos in the metro area.Jamie May, chairman and CEO of JBM Realty Advisors, based in Naples, and Eric Ammon and Carlos Berner, both senior directors with the firm, were the exclusive investment advisers/brokers in the marketing of the property. The firm also brought the buyer to the table. The firm has now closed $550 million in deals so far this year.The BF Group was able to close on its purchase in record-breaking time–just eight days–by assuming a previously existing purchase and sale contract, according to JBM Realty Advisors.The garden-style apartment complex is located on nearly 18.9 acres. The complex, completed in 1999, is 96% occupied, according to JBM. It consists of 13 two- and three-story buildings and a one-story clubhouse and leasing building. The residential buildings have 287,000 sf of net rentable area, which translates to an average unit size of 1,157 sf.

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