Polos Apartment Complex Sells for $19.5M

MIAMI-The Polos Apartments, a 328-unit, garden-style complex in Fort Myers, FL has been sold for $19.48 million at a very low 7.26% capitalization rate. The buyer was Olympic Investors LLC pursuant to a co-investment with Heitman Capital Management on behalf of its major institutional client under a $100 million discretionary allocation. The buyers paid cash for the three-story property, located at 12510 Equestrian Circle, to Equity Residential, a publicly traded real estate investment trust. The low cap rate is attributable to “interest rates (being) so low and the lack of any investment vehicle for institutional buyers to go to,” Jamie B. May, chairman and CEO of Naples, FL-based JBM Realty Advisors, tells GlobeSt.com. May represented both the seller and the buyer in the transaction.He notes that 38 offers for the property were received on the same day. “It’s an extremely noteworthy sale,” May says.The B+ grade apartment complex houses units ranging from 683 sf to 1,173 sf. It was 97% occupied at the sale’s closing and sold for $59,401 per unit.The property was built in 1991 on 33 acres with about 306,112 net rental sf. The property includes 629 surface parking spaces, 332 of which have carports. Amenities include two pools, a heated spa, an indoor sauna, two lighted tennis courts, a fitness center, a basketball court, sand volleyball court and playground areas.