Marcus & Millichap : Big Development Plans Underway for Gardenia Gardens in Fort Myers
January 20, 2022
Share
FORT MYERS, Fla., Jan. 21, 2022 - 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 Gardenia Gardens, located at 4331 Glenwood Ave in Fort Myers, Florida. According to Justin W. West, regional manager of the firm's Orlando office, the 8-unit property sold for $735,000. The property sold fully occupied.
"The buyer has plans to do heavy renovations on the property to bring the units up to market rate. The property has traded hands multiple times over the last few years, as there was an innumerable number of renovations needed. Our buyer's plan should result in a nice asset with a great return on investment after the revamp," said Alec G. Neu, associate in Marcus & Millichap's Orlando office.
Neu, Benjamin Skinner and Matthew W. Prozzillo had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, TYR Development Co., was procured by Neu, Skinner and Prozzillo.
Gardenia Gardens was built in 1974 and offers residents an average unit size of 795-square-foot, two-bedroom/one-bathroom units centrally located to three major employment hotspots in the Fort Myers area.
# # #
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.
Attachments
Original Link
Original Document
Permalink
Disclaimer
Marcus & Millichap Inc. published this content on 21 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 24 January 2022 18:23:06 UTC.
Marcus & Millichap, Inc. is a brokerage company. The Company is specialized in commercial real estate investment sales, financing services, research, and advisory services. The Company also offers market research, consulting, and advisory services to its clients. The Company offers services to its clients by underwriting, marketing, selling, and financing commercial real estate properties in a manner that maximizes value for sellers, provides buyers with a diverse inventory of commercial properties, and secures competitive financing from lenders for borrowers. The Company divides its commercial real estate into four market segments: properties, private client market, middle market, and larger transaction market. The Company serves clients with one property, multiple properties, and large investment portfolios. The Companyâs investment brokerage and financing professionals serve private clients within the private client market segment.
MARCUS & MILLICHAP, INC. 
