NAPLES, FL-Two multifamily complexes have sold in short sales. River Park Apartments and Gordon River Apartments sold for a combined $4.5 million.
Jim Garinger, managing director and principal of Colliers International Southwest Florida, along with multifamily investment brokers John Stone and Jason Stanton of Colliers International Tampa Bay Florida, facilitated the sale on behalf of an undisclosed bank. Garinger expects more distressed multifamily deals to work through the system in 2011.
“These were both smaller complexes built in the 1960s for Naples workforce housing tenants,” Garinger tells GlobeSt.com. “The properties were originally purchased for a condo conversion. The investor missed the market and the lender ended up foreclosing.”
Located at 330 11th Street, GIGA Apartments purchased River Park Apartments under a court-appointed receiver-ordered short sale for $2.2 million. Built in 1960, the 104-unit apartment community includes nine two-story buildings.
Lo Exclusive purchased Gordon River Apartments, which is located at 1400 N. 5th Avenue, for $2.3 million under a court-appointed receiver-ordered short sale. Built in 1969, the 96-unit community offers 12 two-story buildings.
Garinger says he is seeing an increased appetite for value-priced multifamily and broken condominium projects from buyers in Southwest Florida—and the trend is creating a competitive environment for sellers. “In all commercial property types there are still properties working their way through the system,” he says. “Lenders aren’t in a position to give them away. They still want market value.”
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