FORT MYERS, FL—In a difficult-to-close short sale, Seville Apartments finally changed hands. South Florida-based ICM Seville sold the multifamily asset to a private investor based in Minneapolis for $3.5 million, or $58,333 per unit.
Seville Apartments is a 1980s vintage, class B-plus garden apartment community on 5.8 acres of land in Fort Myers, FL. The multifamily asset is located 7370 Pinnacle Pines Drive.
Casey Babb, a senior multifamily specialist, and Luis Baez, associate in Marcus & Millichap‘s Tampa office had the exclusive listing to market the property on behalf of seller. Josh Talberg, an associate in the firm’s Minneapolis office, procured the buyer.
“The Seville Apartments was a short sale that took almost a year to complete, but in the end, it commanded one of the highest prices on record in the current market cycle for southwest Florida apartments sized between 50 and 100 units,” says Babb. He notes that the firm generated eight offers from a mix of local and international investors.
That may have been because of heavy investments from the seller. Since 2007, there has been more than $500,000 worth of capital improvements, including new roofs, air handlers, air compressors, appliances, landscaping, site drainage, parking lots, amenity upgrades, and exterior fencing.