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Oaks Apartments in Fort Myers Sell for $4.45M

FORT MYERS, FL-Kings Towne Oaks Revocable Trust and Kings Towne Oaks LLC paid $32,721 per unit cash for the 136-unit complex, which was 95% occupied at the time of closing. The new owners plan to spend $350,000 on renovations to the property, which was originally built in 1974.

By Melissa Bogdany | Updated on December 02, 2002

FORT MYERS, FL-Kings Towne Oaks Revocable Trust and Kings Towne Oaks LLC have paid $4.45 million, or $32,721 per unit, cash for The Oaks Apartments here. The seller of the 136-unit complex was Towne Oaks LLC. The property sold at a 9.5% capitalization rate.

The property has 96 two-bedroom/two-bath units, each with 920 sf, as well as 40 one-bedroom/one-bath units, each comprising 736 sf. The average unit size is 866 sf. The units are contained in 12 two-story wood frame and stucco buildings. The property, built in 1974 on 4.72 acres, is located at 3726 Central Ave.

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