Search
 

Polos Apartment Complex Sells for $19.5M

MIAMI-Co-investors Olympic Investors LLC and Heitman Capital Management paid $59,401 per unit in cash to Equity Residential for the 328-unit property in Fort Myers, FL. The 97% occupied property sold at a low 7.26% cap rate.

By Melissa Bogdany | Updated on January 10, 2003

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.