GREC Conversions II plans to convert the property into condominiums shortly. The building, which was 93% occupied at the time the sale closed, sold at a 6.78% capitalization rate.
The building includes 14 studio apartments with 525 sf, 63 one-bedroom/one-bath units with 832 sf, 16 one-bedroom/one and a half-bath units with 832-sf, and 31 two-bedroom/two-bath units with 1,210-sf. The property was built in 1966 with approximately 110,588 net rental sf on 1.53 acres and was renovated in 1998.
The property attracted more than 38 offers in a single day, 11 of them over the asking price. Jamie B. May, chairman and CEO of Naples, FL-based JBM Realty Advisors, and Trish Barton, the company's managing director, represented both the buyer and the seller in the transaction.
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