IPA Brokers Sale of $28.3 Million Multifamily Asset in Florida

Institutional Property Advisors (IPA), a boutique brokerage platform serving the needs of institutional and major private investors, has brokered the sale of Bay Harbor Apartments, a 385,900 sq. ft., 343-unit multifamily property in Fort Myers, Fla. The sale price of nearly $28.3 million represents $82,440 per unit and $73 per sq. ft.

Jamie May, an IPA senior director in Tampa, represented both the seller, Bay Harbor Homes LLC, and the buyer, Northland Fund IV LP.

“With Class-A occupancies reaching well over 90 percent, very limited competition and virtually no new development planned in the market, Bay Harbor is well positioned to provide the new owner with excellent investment returns,” says May.

Located at 13881 McGregor Blvd. near Cypress Lake Drive, the luxury asset is near downtown Fort Myers, major employment centers, world-famous Sanibel and Captiva Islands, pristine beaches, and shopping and entertainment venues.

The Bay Harbor multifamily community was built in 2003 on 38.3 tropically landscaped acres with plentiful green space, a jogging path and nature preserve areas surrounding a six-acre lake. The property has 38 New England cottage-style residential buildings unique to the market.

Unit interiors offer high-end finishes, faux-granite counters, oak-raised panel cabinetry, 9-foot ceilings and cathedral ceilings.

Community amenities include a luxuriously appointed clubhouse, a state-of-the art fitness center, an outdoor grilling/entertainment room, volleyball courts, tennis courts and a resort-style lakeside pool.

IPA is a Marcus & Millichap company with a network of senior-level investment advisors located throughout the United States.

TAGS: Multifamily
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